UK Binance users report inability to withdraw banking and card issues

The cryptocurrency exchange giant Binance was silent when British customers announced that they had frozen their GBP withdrawals via the Faster Payment network, bank card-linked transactions were also largely affected.

UK users of Binance report being unable to withdraw their banking and card issues soon after UK regulator ordered the company to stop offering UK services.

UK Binance users report inability to withdraw banking and card issues

Last week the Financial Conduct Authority (FCA) ordered Binance’s UK operations to stop offering fiat currency financial operations on UK soil, despite the exchange claiming that it would not affect UK customers, Binance.com, as the company did operated from the Cayman Islands.

However, according to the Financial Times, Binance has stated that “the ability to remove sterling from the platform” via Faster Payment has been “suspended for maintenance,” with the exchange not announcing “downtime” of how long it will last. and “Refuse to comment on the announcement immediately. “

Customers use Faster Payment to process payments between crypto exchanges and banks in crypto transactions. The company did not make an immediate response to the matter to the FT.

However, Twitter users have also reported issues with bank card transactions.

The same media pointed out that Binance is using “an FCA regulated company called Clear Junction” to gain access to the Faster Paymengt platform. Dima Kats, CEO of Clear Junction, “declined to comment on whether Binance lost access to Faster Payments,” the media agency noted, but said “the company is aware of Binance’s actions”.

Angry customers asked for an explanation on Twitter. One called the failure to update customers “very shady” while another pointed out that “UK banks” are currently “preventing debit card payments to Binance”.

Others still call Binance’s “silence” “suspicious”, while some are calling for an end to the “radio silence” of the exchange on this matter.

And some screenshots posted show that GBP withdrawals have been suspended on the Binance platform.

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