Binance is reportedly once again suspending withdrawals for UK customers

Binance UK customers again have no option to withdraw fiat money on Binance.


According to Financial News on Tuesday, the stock market giant informed affected customers about the problem by email.

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However, according to the report, the exchange did not disclose the reason for the recent suspension of pound withdrawals, but assured clients that it was working to resolve the situation.

In June, Binance suspended cash payments through Faster Payouts after the UK’s Financial Conduct Authority (FCA) warned that the exchange was operating in the country without a license.

As previously reported, Binance restored service in early July, but Tuesday’s announcement has once again left the exchange’s UK customers in limbo.

To date, Binance has not responded to any press comments.

Binance has lost key partnerships with UK payment technology companies like Clear Junction. In early July, Barclays announced its decision to stop supporting card payments for the exchange.

After Barclays, Santander’s UK branch also blocked customer payments to this exchange platform.

In response to Barclays’ decision, a Binance spokesperson previously made it clear that the FCA only owns Binance Markets Limited and not all of the global crypto exchanges.

However, Binance appears to be struggling lately as regulators in various jurisdictions have become aware of the giant. In addition to the UK, financial regulators in Japan, Poland and the Canadian province of Ontario have also targeted the company.

Binance CEO Changpeng Zhao previously said that “compliance is a journey” after the company stormed through regulators.

In contrast to Binance’s woes, US exchanges like Gemini say they play “long term” by meeting the requirements set by the regulator.

Minh Anh

According to Cointelegraph

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