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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.