On July 13, Binance users in the UK were unable to make withdrawals in pounds sterling. The affected customers have received emails informing them of the problem with the Faster Payments Network (FPN). As a result, Binance users in the United Kingdom are once again without a fiat currency withdrawal option.
Binance has provided no information on the reason for the blocking of the GBP withdrawals. It said that it was trying to find a solution and that it would notify users if one became available.
Despite the exchange keeping mum on the issue, it’s very clear what triggered the most recent stoppage of cash payments. Clear Junction stated on Monday that it will no longer accept payments in the pound or euro for Binance. The exchange was able to accept withdrawals and deposits from the SEPA network and the FPN thanks to Clear Junction. Binance said last week that SEPA payments would halt due to “reasons outside of their control.”
The prominent crypto exchange has faced problems throughout Europe, the most recent of which has left consumers stranded. The reason for Clear Junction’s departure may trace back to a warning issued by the Financial Conduct Authority (FCA) of the United Kingdom in June. The FCA said that Binance does not have authorization to “undertake any regulated activity in the U.K.” and, additionally, warned the public against doing business with it. Following that warning, the exchange momentarily halted cash transfers via the FPN, marking the exchange’s second outage for UK consumers.
After a succession of collaborations dissolved in the wake of the FCA warnings, the Clear Junction issue was really simply the final straw. Barclays and Santander UK have just started prohibiting transfers to Binance.
Similarly, five other countries have launched investigations against Binance, including Japan, Poland, Germany, and Canada.