Binance Locked Out Of Key United Kingdom Payments System

The hits just keep coming for Binance. Days after the company has seen itself locked out of the Ontario market, and new regulations coming down from the United Kingdom, it appears more trouble is brewing. The company has now seen its users lose the ability to send and receive funds to their accounts via a primary payments system within the country.

As reported by Financial Times this afternoon, the company has lost the ability to use Faster Payments, one of the systems used in the country by major banks for the purpose of processing payments. The system has reportedly been “suspended for maintenance,” as per Binance, however the timeframe for the suspension was not provided and the timing is curious given events that unfolded over the weekend.

The suspension for maintenance follows the Financial Conduct Authority in the UK banning the company from undertaking regulated activities in the country. The move follows Binance last month pulling an application in the country to become a regulated cryptocurrency firm.

For what its worth, Binance indicates that users within the country are able to still use bank cards to conduct transactions in the country. It’s unclear however how long this option will remain available for consumers given the recent ruling by the FCA.

The company also said in a Twitter statement yesterday that “The FCA UK notice has no direct impact on the services provided on Binance.com,” and that “BML is a separate legal entity and does not offer any products or services via the Binance.com website.” Despite these comments, the restrictions posted by the FCA does in fact directly address the Binance Group.

The company has yet to provide further commentary on the matter.


Information for this briefing was found via the Financial Times, Binance. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Central Banks Cast Doubt on Bitcoin’s Store of Value as Cryptocurrency Grows in Popularity

Although the price of the world’s largest cryptocurrency continues to grow amid escalating popularity, a...

Monday, September 13, 2021, 04:49:00 PM

Bitcoin Crosses US$20,000 Mark For First Time; Significant Bitcoin Buying Interest May Still Be Coming

On December 16, the price of Bitcoin crossed the US$20,000 mark for the first time,...

Thursday, December 17, 2020, 03:47:00 PM

Alleged Bitcoin Creator Wins Major Court Case Over Crypto Assets

Craig Wright, an Australian computer scientist who claims to be the architect behind bitcoin, has...

Thursday, December 9, 2021, 02:55:00 PM

Bitcoin Investor Must Hand Over Keys to $124 Million Crypto Cache

A federal judge has ordered an Austin Bitcoin investor to surrender passcodes to unlock cryptocurrency...

Thursday, January 9, 2025, 02:07:00 PM

Bitfarms Secures $20.0 Million Investment From US Institutions

Bitfarms Ltd (TSXV: BITF) this morning announced that it has secured a private placement with...

Monday, January 4, 2021, 08:45:44 AM