One of the world’s largest cryptocurrency exchanges, Binance has been under the crypto spotlight. The firm has come under a lot of scrutinies lately from regulators across the globe. The UK has undoubtedly been a difficult area for the exchange. While UK’s financial regulator is adamant about its decision of ousting Binance, the exchange has once again decided to impact UK users.
Regulators from all around the world have been taking a deeper look into the crypto industry. Binance has particularly been under the purview of financial watchdogs from Canada, Japan, as well as the UK.
Recently, the exchange halted GBP bank withdrawals through Faster Payments and once again resumed it. However, now, the platform seems to have taken it down all over again.
Binance’s fallout with UK
A recent report revealed that the crypto exchange had temporarily stopped GBP withdrawals through Faster Payments. The exchange reportedly made the announcement soon after Clear Junction dismissed support for the firm.
Clear Junction noted that it would be taking the decision in light of the Financial Conduct Authority’s [FCA] announcement. The payments tech firm stated,
“Clear Junction can confirm that it will no longer be facilitating payments related to Binance. The decision has been made following the Financial Conduct Authority’s recent announcement that the crypto exchange is not permitted to undertake any regulatory activity in the UK.[..] Clear Junction acts in full compliance with FCA regulations and guidance in regards to handling payments of Binance.”
It was quite evident that CZ’s crypto platform was losing out on prominent players in the UK. Not very long ago, the bank Barclays’ revealed that it would stop supporting transactions associated with the crypto exchange.
The FCA had undoubtedly left the crypto exchange gasping for breath on the UK shores. With this big Binance takedown, other crypto exchanges were seen stepping up their game and trying to stay away from the eyes of the regulators.
