Market News

Crypto platform Binance suspends GBP withdrawals - YAHOO FINANCE

JULY 15, 2021

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

There were reports circulating on Twitter that the platform had emailed customers following a suspension for maintenance 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. 

In June, the FCA issued a warning to consumers that one of the world’s largest bitcoin (BTC-USD) exchanges is not permitted to undertake regulated activities in the UK.

Binance Markets was ordered to remove all advertising and financial promotions by 30 June.

The company has been required to make clear on its website, social media platforms, and all other communications that it is no longer permitted to operate in the UK, and must not carry out any regulated activities in Britain without prior consent.

Users on the platform still have the option of buying cryptocurrencies and tokens in GBP.

A Binance spokesperson said: "We are working as quickly as we can to make payment services available to our users and thank them for their patience.

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


This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics