Pound Sterling Withdrawals Suspended on Binance

Binance has suspended withdrawals of pounds sterling after Faster Payments ended its agreement with the cryptocurrency exchange.

July 14, 2021, | AtoZ MarketsBinance UK customers are once again left without a GBP withdrawal option on the crypto exchange, Financial News reported.

The exchange sent an email to customers informing them of the suspension of the withdrawal of pounds after Faster Payments ended its agreement with Binance. Once again, British clients of the exchange were deprived of the opportunity to withdraw GBP.

At the moment, there have been no official statements from Binance. The reasons for the suspension and the timing of the resumption of the functionality are also unknown. The company only said that they are working on the problem and will report it as soon as the situation becomes clear.

Binance has lost important partnerships with UK payment technology firms

The largest cryptocurrency exchange found itself in a state of siege in Europe, and clients were taken hostage. Clear Junction allegedly refused to work with Binance after a June warning from the UK regulator, the Financial Conduct Authority’s (FCA).

The British watchdog, as AtoZMarkets reported, ordered Binance Markets Limited, or BML, to cease operations in the UK by the end of June 2021. Binance pointed out BML as a different entity in response to FCA’s approach.

However, the warning forced the exchange to temporarily suspend payments via Faster Payments.

Following the FCA’s announcement, as well as other regulatory concerns about Binance, Barclays barred clients from using their credit cards for Binance transactions. As a result, Santander’s UK division opted to halt consumer interaction with the crypto exchange.

Read also: Cayman Islands Regulator Flags Binance as Unauthorized Firm

As AtoZMarkets reported on Monday that payment solutions provider Clear Junction has also suspended facilitating payments to the platform in pounds and euros.

The severance of relations with Clear Junction left Binance with no alternative solutions in the UK.

The crypto exchange is targeted by the regulators of at least five countries, including Japan, Poland, Germany, and Canada.

Despite the rising negative attention, warnings, and corporations separating themselves from Binance, the exchange insists on adhering to protocol. The company contends that the FCA’s allegations are “categorically false” and that it “lacks sufficient compliance capacity.” Binance takes its legal commitments very seriously, according to the statement, and is sorry that Barclays and Santander UK “have taken unilateral action.” Binance hopes to conduct an open communication with the former collaborators to explore concerns.

Think we missed something? Let us know in the comment section below.

Leave a Reply

Your email address will not be published. Required fields are marked *