Cryptocurrency: Expert discusses success of Bitcoin
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Binance customers have lost the ability to withdraw or add pounds sterling to the online cryptocurrency exchange. The site currently said that sterling transactions using bank cards had been “suspended for maintenance”. This effectively stops two methods for pulling sterling from the platform, according to Binance’s website.
However, Binance said on Tuesday that it expected faster payments with sterling “should be available” again later in the morning.
The cryptocurrency firm did not comment on when or if card payments would be restored.
The news comes after UK’s Financial Conduct Authority, FCA, said that Binance Markets Limited “is not permitted to undertake any regulated activity in the UK.”
Binance wanted to launch a UK-based exchange using its London-based affiliate Binance Markets Ltd.
However, Binance is one of several cryptocurrency firms that withdrew applications to register with the UK’s FCA.
This was due to Binance not meeting anti-money laundering requirements.
Speaking to CNBC a spokesperson for the FCA said: “Binance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA.
“The action taken today on Binance Markets Limited has been in train for some time.”
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On Sunday, Binance spoke to the Financial Times and said that “the FCA UK notice has no direct impact on the services provided on Binance.com”.
The company added: “Our relationship with our users has not changed.”
Binance customers took to Twitter on Monday and Tuesday to complain about the sterling withdrawal outage.
A payments processor company, called Checkout.com, confirmed on Monday that it has been handling credit and bank card transactions for Binance.
However, the company said in a statement “we don’t have any relationship with Binance Markets Limited”.
The company added: “Therefore we are not in a position to provide any comment.
“We continue to monitor the ruling by the FCA closely.
“We hope to ensure Checkout.com is in compliance with all regulatory orders.”
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