Binance, the world’s largest cryptocurrency exchange, announced today that sterling withdrawals have been re-enabled and users can purchase digital currencies with debit and credit cards.
Binance customers said on Tuesday they would not be able to deposit or withdraw sterling from the platform, days after UK regulators blocked some of their activities in the country.
Unable to perform sterling transactions on Binance
Users of Binance, one of the world’s largest exchanges, complained that they were unable to withdraw or deposit sterling through their debit cards or the Faster Payments network, which enables mobile, internet and other payments between UK bank accounts.
A Binance spokesperson stated on Tuesday that withdrawals through the Faster Payments network have been re-enabled and it is possible to buy crypto with a debit card again.
Many users complained that Binance didn’t provide any information about blocked transactions alongside the “closed for maintenance” message.
It was declared that there was no problem
Binance has announced that the Financial Conduct Authority (FCA) move will not affect the services offered on the website, and that British users’ access is unaffected by the pressure.
The FCA has called on Binance to display a notice on its website and social media channels by close of business on Wednesday stating that it is not allowed to engage in regulated activities in the UK.
While cryptocurrency trading is not directly regulated in the UK, services such as trading in cryptocurrency derivatives require a permit.
The FCA did not respond to Binance’s request regarding when it should comply with the FCA order or what steps it would take if it did not.
Regulatory moves are on the rise
Binance, where Changpeng Zhao is the CEO, is subject to more scrutiny by regulators globally. Many of them express their concerns about the use of cryptocurrencies in general for money laundering and other crimes.
Binance offers a range of services from digital token trading to derivatives, as well as emerging technologies such as tokenized versions of stocks. Its own cryptocurrency, Binance Coin, is currently the fourth largest in the world, with a market cap of around $45 billion.