Binance crypto platform suspends GBP withdrawals

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Binance is one of the largest crypto exchanges in the world. Photo: REUTERS / Dado Ruvic / Illustration

Cryptocurrency platform Binance has suspended the withdrawal of British pounds and euros as payment provider Clear Junction has stopped facilitating them.

Reports were circulating on Twitter that the platform had sent emails to customers following a maintenance suspension on GBP withdrawals on Monday.

A statement on Clear Junction’s website confirmed the move, citing a Financial Conduct Authority (FCA) ruling on the exchange.

Read more: From Binance to Coinbase: The Rise of Cryptocurrency Exchanges

In June, the FCA warned consumers that one of the world’s largest bitcoin exchanges (BTC-USD) is not allowed to engage in regulated activity in the UK.

Binance Markets has been ordered to remove all financial advertisements and promotions by June 30.

The company was required to make it clear on its website, social media platforms and all other communications that it is no longer licensed to operate in the UK and that it is not to carry on any regulated activity in Grande -Brittany without prior consent.

Read more: Why the UK banned Binance and what it means for your crypto assets

Users of the platform still have the option to purchase cryptocurrencies and tokens in GBP.

A Binance spokesperson said, “We are working as quickly as possible to make payment services available to our users and thank them for their patience.

“We take our compliance obligations very seriously and are committed to working collaboratively with regulators to shape policies that protect consumers, encourage innovation and move our industry forward.

Watch: What are the risks of investing in cryptocurrencies?

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