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Ripple CTO Weighs In on Binance's Rift with Barclays

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Tue, 07/06/2021 - 06:32
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Alex Dovbnya
Barclays blocking payments to Binance has become a hot topic within the cryptocurrency community
Ripple CTO Weighs In on Binance's Rift with Barclays
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David Schwartz, Ripple's chief technology officer, has shared his take on U.K. banking giant Barclays blocking cardholders from sending payments to the Binance exchange to “protect” its customers.            

The mastermind behind the XRP Ledger suggests that financial institutions should be prohibited from arbitrarily refusing transactions “without appeal.”

As

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Binance, the largest cryptocurrency exchange, described the decision as “disappointing” in its recent statement.                  

Schwartz claims that governments make it “very difficult” to avoid financial intermediaries.

Hence, he doesn’t believe that Barclays is at fault:  

It is not the bank's fault. They would prefer not to have this responsibility. It's the government that makes them responsible that forces them to have absurd policies.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.