Hassan Maishera
Binance customers have complained that they can't deposit or withdraw Pound Sterling (GBP) from the cryptocurrency exchange following a regulatory crackdown from the Financial Conduct Authority (FCA)
UK's Binance users can't deposit or withdraw GBP
In a Reuters report earlier today, the UK users of the Binance cryptocurrency exchange have revealed that they can't deposit or withdraw GBP from the platform. This latest development comes after the FCA warned Binance that it doesn't have the license to conduct regulated activities in the region.
Binance had assured its UK customers that Binance.com is still available to them and they can carry out their activities with ease. However, some customers now complain that is not the case as they can't deposit or withdraw GBP from the exchange. The customers said they couldn't withdraw or deposit sterling at the exchange, both via the Faster Payments network or bank cards.
Some of the customers lamented that they get the message "down for maintenance" appears when they attempt to deposit or withdraw funds. Binance is yet to give any explanations beyond that.
Faster Payments said it had cut off Binance Payments from its network. A spokesperson for Pay.UK, Faster Payment's parent company, said, "Pay.UK requires all direct and indirect participants to conduct appropriate due diligence on their customers. Binance has never been a direct or indirect participant of the Faster Payment System, and the FCA ruling has not changed this."
Binance comes under scrutiny in the UK
The leading cryptocurrency exchange by trading volume has come under heavy scrutiny in the UK in recent days. The scrutiny goes beyond the UK as Binance's status as a global cryptocurrency exchange is being targeted in other countries.
In a separate development, Natwest, one of the leading banks in the UK, has capped the daily amount its customers can send to cryptocurrency exchanges. The bank said the move is due to concerns over investment scams and fraud.
With the FCA scrutinizing cryptocurrency companies over their non-compliance to anti-money laundering standards, over 60 of them have withdrawn their license applications with the regulator.
Regulatory agencies globally are now seeing the need to regulate the cryptocurrency market as it continues to grow in size and adoption. The next few months might see more crypto regulations rolled out in the UK and other parts of the world.
