Friday, July 30, 2021

Crypto exchange giant Binance suspends its popular fiat ramp for U.K. customers after FCA’s warning.

The Takeaway:

Crypto exchange Binance suspends the Faster Payments option for its customers in Britain amid increasing regulatory pressure.

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Binance’s U.K. customers are currently unable to use the popular local payments provider, Faster Payments, to withdraw British pounds (GBP) from the exchange. Faster Payments is a payment provider used by major banks to process near-instant payments. According to the Financial report, a notice on the Binance website declared that GBP withdrawals via Faster Payments had been “suspended for maintenance.” 

 

Users can still use traditional methods such as bank cards to move money from the exchange.

Faster Payments had become one of the preferred channels for moving fiat currencies to and from the Binance exchange. According to the report, U.K. users can still use traditional methods such as bank cards to move money from the exchange. However, the crypto exchange giant acknowledged that the suspension of Faster Payments presents a significant hurdle. The move follows a June 27 order from the U.K.’s Financial Conduct Authority (FCA) demanding Binance to stop all regulated activities in the country following a review of its operations.  

 

“Binance Markets Limited is not permitted to undertake any regulated activity in the U.K.”

“Binance Markets Limited is not permitted to undertake any regulated activity in the U.K.,” said the FCA’s warning, noting that no other entity in the Binance Group holds any of the necessary permits to operate in the United Kingdom. However, the crypto exchange giant countered that Binance Markets Limited is “a separate legal entity and does not offer any products or services via the Binance.com website,” adding: “The FCA UK notice has no direct impact on the services provided on Binance.com.” Binance had launched its U.K. trading platform for institutional and retail investors under the supervision of the FCA in June 2020.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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