Binance continues withdrawals through faster payments in the UK
The leading decentralized cryptocurrency exchange by trading volume, Binance, has restored pound payouts through the Faster Payments network.
On June 28, Binance released a notice stating that withdrawals through Faster Payments, a popular UK interbank payment platform, have been suspended for maintenance.
The news came the same week that the UK Financial Regulator, Financial Conduct Authority (FCA) ordered Binance Markets Limited and Binance Group to cease all related regulated activities in domestic securities and derivatives. This led many to speculate that the sudden and seemingly indistinct suspension of Faster Payments could signal further troubles for the stock market.
According to a June 30 report by Reuters, citing a Binance spokesperson, withdrawals via Faster Payments were restored on June 29, along with bank card purchases for UK users.
The spokesman also said the FCA’s apparent actions had not affected the UK’s ability to access the services on their website.
A notice posted on the FCA’s website last year stated that Binance Markets Limited “should not promote or accept any new applications for retail lending through the operation of the electronic lending system,” or promote Binance, BinanceUK or EddieUK as an FCA- regulated platforms for trading cryptocurrencies.
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Binance.co.uk has uploaded a notice stating that Binance Markets Limited is not authorized to conduct regulated business in the UK, subject to the requirements of the FCA:
“Binance.com is a platform that offers various products and services to global customers. Some of these products and services are regulated outside of the UK and some are not. Binance Markets Limited is a UK based company that did no business. LIMITED FINANCIAL MARKETS ARE NOT PERMITTED TO CARRY OUT REGULATED ACTIVITIES IN THE UNITED KINGDOM. “
In June 2020, Binance announced that it had acquired an “FCA Regulated Entity” and stated that Binance.UK will be operated by Binance Markets Limited in the future.