The Dechained Explains Why Binance Has Disabled Withdrawals in Pound Sterling for Its UK Customers


Posted July 15, 2021 by thedechained

This press release intends to inform readers that Binance, has stopped its users in the United Kingdom from withdrawing in Pound Sterlings.

 
According to a report from the Financial News, the embattled crypto exchange Binance has stopped allowing users in the United Kingdom to withdraw in Pound Sterlings.
The exchange has notified its subscribers of the latest situation through email. The cryptocurrency exchange had alleged problems with the Faster Payments Network (FPN), leaving its UK consumers without access to fiat cash withdrawals.

However, the exchange has been unable to provide any details about the current situation. Instead, it just announced that it was working on a solution and that it would notify its users once it had found one.

Clear Junction, a global payment provider, announced earlier this week that it will no longer offer its services to Binance for payments in Euro and Pounds. The payment solution allowed the CZ-led exchange to accept withdrawals and deposits from the Single Euro Payments Area (SEPA) and the Financial Payments Network (FPN).
Binance's Challenges Continue to Rise

In recent weeks, Binance has suffered a slew of issues. Various regulators throughout the world are scrutinizing the crypto exchange, claiming it does not have the legal authority to operate in their jurisdiction.

The warning provided by the Financial Conduct Authority of the United Kingdom, which indicated that the crypto platform had no authorization to operate in the country, influenced Clear Junction's decision. Other financial institutions in the country, like Barclays and others, began restricting transactions to Binance as a result of the warning.

About The Dechained

The Dechained is an independent digital media resource that provides digestible blockchain news and information. Our team assists the next generation of investors in staying up to date on the latest industry news. To learn more about crypto and blockchain, as well as to be notified of important updates, subscribe to our newsletter, or visit https://www.thedechained.com/.
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Contact Email [email protected]
Issued By The Dechained
Country United Kingdom
Categories Finance
Tags blockchain , DeFi , cryptocurrency
Last Updated July 15, 2021