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Cryptocurrency exchange Binance reactivates sterling withdrawals - PingWest

 3 years ago
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Cryptocurrency exchange Binance reactivates sterling withdrawals

Cryptocurrency exchange Binance reactivates sterling withdrawals

7 hours ago

Binance, one of the world’s largest cryptocurrency exchange, said on Wednesday that sterling withdrawals from its platform had been reactivated.

Detail: On Tuesday, some Binance customer said they were unable to deposit or withdraw sterling from the platform, which come a few days after the Financial Conduct Authority ordered Binance to halt all regulated activities in Britian.

In response to customers’ compliant, Binance said on Tuesday that deposit or withdrawal sterling using banking cards had been temporarily suspended for maintenance.

The Faster Payment withdrawals service was reactivated on Wednesday, bank card purchases of crypto were also available, according to Binance.

Context: In a statement published on June 25, the Financial Conduct Authority (FCA) said Binance was not authorized to operate as crypto business in UK and ordered it to halt any regulated financial activities.

Binance had said the Financial Conduct Authority (FCA) notice would not impact services offered on its website, British residents was unaffected by the crackdown.

The FCA said Binance must display a notice stating it was not permitted to undertake regulated activities in the UK on its website and social media channels.

Crypto trading is not regulated in Britian, but offering trading in crypto derivatives does require authorization.

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