According to The Financial Times, on June 28 Binance posted an update on its website, saying that GBP withdrawals via Faster Payments had been “suspended” for maintenance.
Used by major banks in processing almost instantaneous payments, Faster Payments became one of the preferred channels for the movement of fiat currencies to and from the cryptocurrency exchange giant.
While UK users can still use traditional methods such as bank cards to move money from Binance, the exchange admitted that the suspension of Faster Payments appears to be a big drawback.
Meanwhile, the move of the crypto exchange giant comes after the release on an order from UK’s Financial Conduct Authority that demanded Binance to halt all regulated activities in the country after a review of its operations.
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK,” said the FCA in its letter regarding the matter. It also added that no other entity from the Binance Group possesses the required permits for operating their business in the UK.
The crypto exchange on Monday made a counter maneuver, saying “Binance Markets Limited is a separate legal entity and does not offer any products or services via the Binance.com website.”
The company also added that the notice from the regulatory body does not impact the services provided on Binance.com.
It can be recalled that back in June 2020, under the supervision of FCA, Binance, one of the leading crypto exchanges in the world, launched its UK trading platform for institutional and retail investors.
Image courtesy of Cointelegraph News/YouTube
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