Binance suspends popular fiat ramp in U.K. amid regulatory crackdown
Binance’s U.K. users are currently unable to use popular local payments provider, Faster Payments, to withdraw British pounds (GBP) from the exchange.
A notice from the exchange on June 28, declared that GBP withdrawals via Faster Payments had been suspended for maintenance.
Faster Payments is a payment provider used by major banks to process near-instant payments. It has become the preferred platform for transacting fiat currencies to the Binance exchange.
Although users can still use bank cards and other traditional methods to move money from the exchange. However, the exchange acknowledged that the suspension of Faster Payments presents a significant hurdle.
The move follows an order from the U.K.'s Financial Conduct Authority (FCA) demanding Binance to cease all regulated activities in the country following a review of its operations.
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK,” said the FCA’s letter, noting that no other entity in the Binance Group holds any of the necessary permits to operate in the United Kingdom.
In response, the exchange stated that Binance Markets Limited is “a separate legal entity and does not offer any products or services via the Binance.com website,” adding: “The FCA UK notice has no direct impact on the services provided on Binance.com.”
Binance, one of the biggest crypto exchanges, launched its U.K. trading platform for institutional and retail investors under the supervision of the FCA in June 2020.
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