Binance users stop faster payments in UK


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Binance customers using the UK payment system Faster Payments have been blocked, the Financial Times (FT) reported.

The news comes just three days after the UK’s Financial Conduct Authority (FCA) banned cryptocurrency trading in Britain.

Binance said Monday, June 28, that the ability to withdraw and deposit books using the platform through Faster Payments had been “suspended for maintenance,” according to FT.

Faster Payments is used as a major service for fast payment processing. As faster payments are seen as a fundamental means for the movement of traditional currencies to and from the exchange, a lack of access to the service could be bad for Binance, FT reported. The company said UK customers still have the option of transferring money using bank cards.

Binance’s UK-regulated subsidiary withdrew its request for a crypto exchange registered last month, following several discussions with the FCA, according to FT. The regulator seeks to block money laundering or terrorist financing. But Binance said over the weekend that its talks with the FCA had “no direct impact” on its services.

No other entity in the Binance group currently holds any form of authorization, registration or license in the UK to conduct regulated activity, PYMNTS reported this week, citing an FCA report.

Binance has been the subject of an investigation by the Department of Justice (DOJ) and the IRS after an attempt by the two to bring order to a largely unregulated market. Binance, as well as the larger crypto market in which it operates, has not benefited from abundant regulatory oversight. But as crypto becomes more mainstream, that could change.

“We have worked hard to put in place a strong compliance program that incorporates the anti-money laundering principles and tools used by financial institutions to detect and deal with suspicious activity,” said spokesperson Jessica Jung in May.

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