Crypto currency

Binance reportedly halts pounds sterling withdrawal for UK customers again


Binance customers in the United Kingdom are once again left without a fiat currency withdrawal option on Binance.

According to Financial News on Tuesday, the crypto exchange giant sent emails to affected customers informing them of the problem.

However, the exchange reportedly has not given any details as to the reason for the latest suspension of pounds sterling withdrawal but assured customers that it was working to resolve the situation.

Back in June, Binance had temporarily suspended cash payouts via Faster Payouts amid warnings from the U.K. Financial Conduct Authority about the exchange operating in the country without a license.

As previously reported by Cointelegraph, Binance reinstated the service at the start of July, but Tuesday’s notice once again puts the exchange’s U.K. customers in limbo.

Binance did not immediately respond to Cointelegraph’s request for comment.

Binance has lost important partnerships with payment technology firms in the U.K., such as Clear Junction. Earlier in July, Barclays also announced its decision to cease support for card payments to the crypto exchange.

Santander’s U.K. branch also followed Barclays’ suit by blocking customer payments to the crypto exchange platform.

Related: Binance faces regulatory upheaval as lawmakers target ‘global’ exchanges

Responding to the Barclays decision, a spokesperson for Binance previously clarified that the FCA was restricted to Binance Markets Limited and not its global crypto exchange operations.

However, Binance has seemingly been under the cosh in recent times, with regulatory agencies in different jurisdictions coming after the exchange giant. Apart from the U.K., financial regulators in Japan, Poland and the Canadian province of Ontario have also targeted the company.

Binance CEO Changpeng Zhao previously remarked that “compliance is a journey,” in the wake of the gathering regulatory storm facing the company.

In contrast to Binance’s woes, U.S. crypto exchanges like Gemini have said they are playing the “long game” by adhering to the demands mandated by regulatory agencies.