Gandalfesque wizard of San Francisco’s Ripple, David Schwartz has a few word to say to the top British bank Barclays’ and they are not good..
Barclays‘ move to stop cryptocurrency payments to Binance came as a part of wave of global action from state authorities who have been apprehensive by the crypto sector’s rapid rise. While responding to the backlash on Twitter over the same, the banking institution, stated that it is their “responsibility to help protect” user money. It also claimed that the decision to stop payments made by credit/debit card to Binance was to help keep individual’s money safe.
With back-to-back regulatory clampdown, Binance was one of the hot topics in the crypto realm over the last 24 hours. This is one of those times, when the community took a break from its daily bickerings about Bitcoin Vs Ethereum and joined forces to collectively criticize the move. And the crypto community, for one, is not known for holding back.
Here’s what the architect of XRPL has to say about the whole event
The blockchain giant, Ripple’s Chief Technology Officer, David Schwartz, also did not supress his emotions and chimed in. His tweet referring to the event read,
“We live in a world where banks “protect” people’s money from being sent to the place they specifically asked to send it, where banks keep your money “safe” from going where you want it to go.”
JoelKatz [a name inspired by Stimpson J. Cat from The Ren & Stimpy Show], as he is known online, also said that it is the lawmakers’ responsibility to ensure that policies do not dictate what people should do with their money.
“Meanwhile, governments have policies to make it very difficult for you to avoid using financial intermediaries whose policies dictate how you can spend your money. The war on cash is about forcing people to use intermediaries with unappealable power over your spending.”
Binance too deems the whole incident “dissapointing”
In a long Twitter thread, the cryptocurrency exchange deemed Barclays’ step of taking unilateral action to stop servicing Binance users as a “dissapointing” one and added that it was based on “inaccurate understanding of events.”
It’s disappointing to learn that some partners are taking unilateral action to stop servicing Binance users based on what appears to be an inaccurate understanding of events. (thread)
— Binance (@binance) July 5, 2021
The CZ-led platform went on to reiterate its previous clarification wherein it had stated that the notcie by the Financial Conduct Authority [FCA] relates to BML, which is a company incorporated in the UK and regulated by the regulatory entity. It again explained that BML is a separate legal entity and does not offer any products or services via Binance.com
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