Crypto exchange Binance says sterling withdrawals have been reactivated after a failure


LONDON (Reuters) - Major cryptocurrency exchange Binance said Wednesday that sterling withdrawals have been reactivated from their platform, with users also being able to purchase digital coins using debit and credit cards.

Binance logo and stock chart are displayed in this image as of June 28, 2021. REUTERS / Dado Ruvic / Illustration

Binance clients said Tuesday they couldn't deposit or withdraw pounds sterling on the platform days after UK regulators cracked down on some of their activities in the country.

Users of the exchange, one of the largest in the world, said they could not withdraw or deposit pounds sterling through the Faster Payments network - which allows mobile, internet and other payments between UK bank accounts - or debit cards.

A Binance spokesman said withdrawals through the Faster Payments network were reactivated on Tuesday, adding that crypto purchases using bank cards were once again possible.

Many users complained that Binance did not provide any information about blocked transactions other than a “Down for Maintenance” message.

Binance had said the Financial Conduct Authority (FCA) move would not affect the services offered on its website, which UK residents were not affected by the raid.

Later on Wednesday, the crypto exchange displayed a notice on its website Binance.co.uk that Binance Markets Limited, a UK-based company, is banned from conducting regulated activities in the country.

It tweeted the same statement from its Twitter handle Binance.UK. However, Reuters was unable to find a reference on the Binance.com website or under Binance's Twitter handle.

The FCA had ordered the company to post the announcement by Wednesday's close of business on Binance.com, its mobile and desktop applications and social media channels.

Both Binance and the FCA did not immediately respond to requests for comment.

While crypto trading in the UK is not directly regulated, offering services such as trading cryptocurrency derivatives requires approval.

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

Binance offers services that range from digital token trading to derivatives, as well as emerging technologies like tokenized versions of stocks. Its own crypto currency, Binance Coin, is the fourth largest in the world with a market value of around 45 billion US dollars.

Reporting by Tom Wilson; Additional coverage from Shubham Kalia; Editing by Mark Potter, Kirsten Donovan

https://dailyaffiliatemarketingnews.com/crypto-exchange-binance-says-sterling-withdrawals-have-been-reactivated-after-a-failure/

Comments

Post a Comment

Popular posts from this blog

Chia Coin Crypto Mining: Try Chia with 16 TB Sabrent SSDs

Image
introduction I avoided writing about cryptocurrency mining articles, but I had to check out Chia cryptocurrency mining when it hit my radar a few months ago. After really immersing myself in Ethereum mining a few years ago and still paying the electricity bill many years later, mining with my SSD sounded like fun. VIEW GALLERY - 17 PICTURES Sabrent got in touch and pretty much packed 4 x 4 TB Rocket NVMe PCIe 3.0 M.2 SSDs and an ASUS Hyper M.2 X16 Card V2 that supports the 4 x NVMe M.2 SSDs. In total, I have 16TB of super-fast PCIe 3.0-based NVMe SSD storage to play around with - it feels so utterly overwhelming to have 16TB of flash storage in my computer, but I love it. It continues with its use for the best cause - for mining chia crypto coins. At first I was so very hesitant, I wanted to do an article for Sabrent, but then using the SSDs for chia coin mining feels like hardware abuse. It's different than having your GPU working 24/7 for crypto mining because you can do i...
Read more

Would you like to leave corporate content marketing for a startup? Here's what I would have known

After more than five years in the corporate environment, you are hungry for change. Marketing trends seem like tectonic plates shifting beneath you, but you stand still right where you were a few years ago. Professionally, you feel the need to join a startup - because of its speed and ambitious OKRs, its culture lessons, its need for experimentation, its actual customer and user obsession, its everyday mentality. In your opinion, your career depends on these experiences. You have the feeling that your career could stall otherwise. But there are a few things you should know before joining. Feel the turbulence in your bone bon In your past jobs at market giants, most of the days and weeks felt the same. Aside from a historic deal that was won or lost, a tough week or month has a similar emotional tenor as a good week or month. At the start, your experience will mimic the dynamics of a concert: euphoric highs mixed with some heartbreaking lows. Most days, however, will be exciting. ...
Read more