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According to Financial News, Binance has halted sterling withdrawals. This happened after Faster Payments terminated its contract with the cryptocurrency exchange.
E-mail Sent to Consumers
Binance sent a notice to UK clients that bank withdrawals via the Faster Payments network are “temporarily suspended”. However, there was no additional information regarding that. Financial News obtained a copy of an email sent to subscribers on July 13. The letter stated, “We are trying to reinstate this service as soon as we can.”
Binance Temporary Shutdown
Following a warning from the UK’s Financial Conduct Authority, they revoked the permission to carry out regulated operations in the nation for Binance. Therefore, Binance briefly stopped bank withdrawals in pounds sterling earlier this month.
Clear Junction Fall Out
However, Faster Payments is not the only partner that pulled out. As a result of the FCA’s judgement, Clear Junction, Binance’s payments technology partner, pulled out as well. They said it would “no longer be processing payments” linked to the firm.
On July 12th, Clear Junction released a statement:
“We have decided to suspend both sterling and euro payments and will no longer be facilitating deposits or withdrawals in favour of or on behalf of the crypto trading platform. Clear Junction acts in full compliance with FCA regulations and guidance in regards to handling payments of Binance.”
FCA Is Not Alone
Subsequently, Binance’s cryptocurrency activities, including buying and selling crypto tokens and regulated goods like spot trading, are scrutinised by several regulators, including the FCA. Authorities in Japan, Thailand, and the Cayman Islands issued cautionary statements regarding the company.