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Binance customers have lost the ability to withdraw and deposit free through one of the UK’s leading payment systems three days after the country’s financial watchdog banned cryptocurrency exchange in Britain.
On Monday, the digital asset company told its main exchange, Binance.com, that the ability to remove the pound sterling from the platform through a system known as Faster Payments had been “suspended for maintenance”. Binance did not say how long the outage would last and declined to comment immediately on the notice.
Faster payments, a service used by major banks to process payments quickly, is one of the key channels for moving traditional currencies to and from the exchange. While the Binance website says customers can move money using bank cards, the lack of access to Faster Payments represents a significant impediment to UK customers ’ability to withdraw money from the exchange directly to their bank accounts. Several people sent messages to Binance on Twitter on Monday to find out about the suspension of the fastest payments.
Faster Payments could not be contacted for comments.
Binance is one of the largest digital asset companies in the world. According to BlockCrypto, it processed approximately $ 1.5 million in transactions last month. Recently, regulators in several countries, including Japan and Germany, have censored exchange (which offers cryptocurrency trading and a wide range of digital currency-related products) to do business in their countries without proper approval.
The suspension comes after the UK Financial Conduct Authority on Friday ordered the regulated affiliate in the UK of Binance to stop any financial activity in traditional currencies in the UK. The group also withdrew its application to be a registered cryptocurrency exchange last month after extensive discussions with the FCA. The main objective of the regulator in reviewing these applications is practices and controls related to the prevention of money laundering and terrorist financing.
The exchange had said over the weekend that FCA’s intervention “has no direct impact on the services provided to Binance.com.”
According to someone familiar with the matter, the FCA has also been examining Binance’s broader links with British consumers.
Binance usually has access to faster payments and a similar system for the eurozone called Single Euro Payments Area (Sepa) through an FCA-regulated company called ClearJunction, Binance says on its website. ClearJunction chief executive Dima Kats declined to comment on whether Binance had lost access to Faster Payments, but said it had paid close attention to regulators’ actions.
Access to euro transfers via Sepa appeared to be active on Binance.com from 18:00 London time on Monday.
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