According to a report by the Financial News in London, cryptocurrency exchange giant Binance has halted Sterling withdrawals for customers residing in the United Kingdom. The crypto exchange has not provided any detail on why GBP withdrawals have been halted or when they may resume again. Binance sent emails to customers affected and informed them of the issue surrounding the Faster Payments Network (FPN).
Binance users in the U.K. are stuck without a fiat currency option for withdrawals.
Aside from the email reportedly sent out, no details have emerged from Binance on why GBP withdrawals have been halted or when they may resume again. The exchange only said it was working on a solution, and when one arises, it will let users know. Despite not shedding much light on the issue, it’s pretty clear what caused this most recent suspension of cash payouts. On Monday, it was reported that Clear Junction, a global payment solution provider, announced it would no longer facilitate payments in the pound or euro for Binance.
Binance continues to be the center of regulatory scrutiny.
Binance has been accumulating issues in Europe, and the latest has now left its customers stranded. The reason behind Clear Junction’s departure can be traced back to a warning by the United Kingdom’s Financial Conduct Authority (FCA) back in June. As reported earlier, U.K.’s financial regulator FCA had warned that the crypto exchange does not have a proper license to offer futures products. The warning caused the exchange to temporarily suspend cash payouts using the FPN, making this the second time the exchange has gone dark to U.K. customers. Binance also received similar warnings from Thailand and Cayman Islands’ securities regulators.