Recently, British multinational bank HSBC has notified its customers that it will now start blocking credit card payments to Binance.
This big, yet unsurprising move, makes HSBC the third major bank in the United Kingdom to halt payments to the world's largest crypto exchange.
HSCB said that its latest move was meant to protect its customers from the possible risks of interacting with Binance.
The UK Financial Conduct Authority (FCA) and Santander Bank have both issued a precaution about Binance, and it is clear that HSBC is heeding these warnings.
It has become part of a string of international pressure from government heads globally who have grown worried by the fast rise of digital assets to emerging avenues for money laundering and organized crime.
On June 21, Chinese regulators declared it would be cracking down on the increasing volume of cryptocurrency mining happening in the mainland, with the effect of the announcement seeing the prices of bitcoin and dogecoin falling.
Barclays and Santander feel the heat
Meanwhile, Barclays and Santander were the first two major financial institutions to stop their customers from making payments to Binance.
HSBC has expressed in the past its cautious stance on cryptocurrencies, saying that it is not yet open to supporting them. On top of that, it had blocked its customers from buying MicroStrategy's shares, because of the company's crypto nature.
Regulatory battles everywhere
These days, whenever Binance is mentioned in the news, it would always be followed by regulatory battles and government scrutiny.
Binance has been feeling the heat of its numerous battles that it was forced to reduce and cut its future plans for growth.
Even with the mounting lawsuits that Binance is currently facing, chief executive officer Changpeng Zhao said that the company remains committed to serving its customers and cooperating with regulators.
But one more important thing to note with the British bank's "hostility" with Binance is that it would only have a small effect on the crypto exchange's global revenue.
The United Kingdom only equates to a small portion of Binance customers all over the world, according to analysts.
In addition, Binance's daily trading volume has been stable at about $30 billion, proof that regulatory pressure is having little impact on the exchange's clients.
