Binance resumes UK withdrawals in Pound Sterling

Binance resumes UK withdrawals in Pound Sterling

Binance restored withdrawals in sterling using the fast payment network.

On June 28, Binance uploaded a notice revealing that withdrawals via Faster Payments, a popular UK-based interbank payments platform, had been suspended for maintenance.

News came the same week that the UK’s financial regulator, the Financial Conduct Authority (FCA), ordered Binance Markets Ltd and Binance Group to cease all regulated activities related to derivatives and securities in the country. This has led many to speculate that the sudden and opaque suspension of fast payments could signal future problems for the exchange.

According to a Reuters report on June 30 Surrender to Fast payment withdrawals with Bankcard purchases were restored for UK users on June 29, a Binance spokesperson said.

The spokesperson also said that the FCA’s explicit action does not affect the ability of British residents to access the services on its website.

One notice posted Last year on the FCA website it was stated that Binance Markets Limited should not “promote or accept any new loan applications by retail customers through the operation of its electronic lending system” or send Binance, BinanceUK or EddieUK to the FCA – Trading Cryptocurrencies should be promoted as a regulated platform.

related: UK NatWest Bank cryptocurrency exchange limits trading

Binance.co.uk did A notice stating that Binance Markets Limited was not permitted to carry out regulated activities in the UK in accordance with FCA requirements:

“Binance.com is a platform that provides a variety of products and services to global clients. Some of these products and services are regulated outside the UK, while others are not. Binance Markets Limited is a UK-based company currently Binance Markets Ltd. is not permitted to conduct any regulated activities in the United Kingdom.”

In June 2020, Binance announced Noting that it has acquired an “FCA regulated entity”, Binance.UK will further be operated by Binance Markets Limited.

“Binance.com is a platform providing various products and services to global customers. Some of these products and services are regulated outside the UK, while others are not. Binance Markets Limited is a UK company that has not yet established any Binance Markets Ltd. is not permitted to conduct any regulated activity in the UK.”

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Cory Weinberg

About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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