Binance crypto exchange says sterling withdrawals were reactivated after outage

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The Binance logo and the stock chart are shown in this illustration taken on June 28, 2021. REUTERS / Dado Ruvic / Illustration

LONDON, June 30 (Reuters) – Leading cryptocurrency exchange Binance said on Wednesday that its platform’s sterling withdrawals had been reactivated, with users being able to purchase digital coins with debit and credit cards as well. .

Binance clients said on Tuesday they were unable to deposit or withdraw sterling from the platform, days after UK regulators cracked down on some of its activity in the country. Read more

Users of the exchange, one of the largest in the world, said they were unable to withdraw or deposit pounds sterling through the Faster Payments network – which enables mobile, internet and other payments. between UK bank accounts – or bank cards.

A Binance spokesperson said withdrawals through the Faster Payments network were reactivated on Tuesday, adding that crypto purchases by bank card were once again possible.

Many users complained that Binance had not given any information about blocked transactions, beyond a “Not for maintenance” message.

Binance had said the Financial Conduct Authority (FCA) decision would not impact the services offered on its website, access to which by UK residents has not been affected by the crackdown.

The FCA told Binance that at close of business on Wednesday it was to post a notice stating that it was not authorized to engage in regulated activity in the UK on its website and social media channels.

Although crypto trading is not directly regulated in Britain, offering services such as trading in cryptocurrency derivatives requires authorization.

The FCA did not respond to a request for comment on when Binance must comply with the FCA order, or what steps it would take if it did not. A Binance spokesperson did not respond to a request for comment on its compliance.

Led by Canadian Changpeng Zhao, Binance is increasingly under scrutiny by regulators around the world, many of whom have expressed concern about the use of cryptocurrencies in general for money laundering and other crimes.

Binance offers services ranging from trading digital tokens to derivatives, as well as emerging technologies such as tokenized versions of stocks. Its own cryptocurrency, Binance Coin, is the fourth largest in the world with a market value of around $ 45 billion.

Reporting by Tom Wilson Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

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