Due to regulatory pressure, The world’s largest crypto exchange Binance suspends Fiat Ramp for UK users. Binance U.K customers cannot utilize popular local payment services via Faster payment to withdraw British pounds (GBP) from an exchange.
According to the Financial Times, on June 28, a notice on the Binance website declared that GBP withdrawal via Faster payment has been “Suspended for maintenance”.
According to a report, UK users use traditional methods like bank cards to transfer money from the exchange. The exchange acknowledged that suspension of faster payment provides a substantial difficult.
The news came a day after Britain’s financial regulator financial conduct Authority (FCA) banned cryptocurrency exchange UK operation.
On 28 June, the exchange against that Binance market limited is “ a separate legal entity and does not offer any product or services through Binance.com. The FCA UK notice has no direct impact on service provided on Binance.com.”
Faster payment is a payment provider used by major banks to processor near-instant payment. Highly preferred channel for transferring fiat currencies to and from Binance exchange.
