UK-based clients of the crypto exchange Binance say they are unable to make withdrawals in pounds sterling through the Faster Payments network, while disruptions are also reported on transactions via bank cards. These incidents emerged shortly after the UK regulator ordered the company to to cease to offer fiat services in UK.
Last week the Financial Conduct Authority (FCA) urged the British subsidiary of Binance to cease its financial activities in fiat currency on British soil. The exchange claimed, however, that this would not affect Binance.com’s UK clients, since the company operates out of the Cayman Islands.
More according to The Financial Times, Binance claimed that the “possibility of withdrawal in sterling from the platform” through Faster Payments has been “suspended for maintenance” without giving further details on “the duration of this operation”.
Customers use Faster Payments to process payments between exchanges and banks to execute crypto-fiat transactions. The company did not immediately provide the Financial Times with a comment on the matter. Cryptonews.com has contacted both parties with a request for clarification.
Twitter users, however, also said they had issues with bank card transactions.
The same outlet pointed out that Binance uses “an FCA-regulated company called Clear Junction“for access to the Faster Payments platform. The CEO of Clear Junction, Dima Kats, “declined to comment on whether Binance has lost access to Faster Payments,” the outlet noted, but “said the company was paying close attention to the actions of regulators.”
On Twitter, angry customers demanded an explanation. One of them has qualified the lack of up-to-date information to customers of “sleazy”, while another has suggested that “UK banks” are currently preventing “debit card payments to Binance.”
And some have posted screenshots showing that sterling withdrawals have been suspended on Binance’s platform.
Why does noone talk about binance. They have taken away the card and faster payments. Gbp suspended pic.twitter.com/SVIRkna5Hn
– JJ (@jjkullar) June 29, 2021
A user has written :
“I cannot make a withdrawal but I was able to make a transfer to a separate account”.
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