Sterling transactions blocked on Binance crypto exchange, users say

[ad_1]

Representations of the cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, and Litecoin can be seen in front of a Binance logo displayed in this illustration taken on June 28, 2021. REUTERS / Dado Ruvic / File Photo

LONDON, June 30 (Reuters) – Clients of the Binance cryptocurrency exchange said on Tuesday that they were unable to deposit or withdraw sterling from the platform, days after UK regulators cracked down on some of its activities in the country.

The UK financial watchdog said last week that Binance, one of the world’s largest crypto exchanges, could not conduct any regulated activity and issued a warning to consumers regarding the platform. Read more

Binance said the move would have no impact on the services offered by its main site, Binance.com, which UK-based users can still access despite the Financial Conduct Authority (FCA) ruling.

But users said on Twitter that they were unable to withdraw or deposit pounds sterling at the exchange, either through the Faster Payments network or by bank cards.

A message “out of service for maintenance” appeared, according to some. Others complained that Binance had not given any information beyond that.

Faster Payments, owned by Pay.UK, which oversees the clearing and settlement of automated payments and checks in the UK, enables mobile, internet and other payments between UK bank accounts.

“Pay.UK requires all direct and indirect participants to exercise due diligence towards their customers. Binance has never been a direct or indirect participant in the Faster Payments system and the FCA’s decision has never been not changed that, ”said a spokesperson for Pay.UK.

“Any change in Binance’s access to the service was made independently,” he added.

Binance did not respond to a request for comment.

“I tried removing Fiat (sterling) but it’s stuck and it just says maintenance. Typically, when there is maintenance, Binance announces it on their social media, etc,” a Twitter user told Reuters on condition of anonymity. “No explanation or anything was given. Frustrating.”

Others tagged Binance CEO Changpeng Zhao as they complained the issue had not been resolved.

“@cz_binance how come you don’t fix withdrawals for UK Binance users,” asked Peter Englefield, a country DJ in Leeds, northern England.

Binance, which is under increased scrutiny from regulators around the world, offers services ranging from digital token trading to derivatives, as well as emerging technologies such as tokenized versions of stocks.

Separately, UK group Natwest (NWG.L) has capped the daily amount customers can send to cryptocurrency exchanges, including Binance, due to concerns about scams and investment fraud, a spokesperson at Reuters. Read more

Reporting by Tom Wilson; Editing by Rachel Armstrong and Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.

[ad_2]