In response to its brewing regulatory hurdles in the U.K., Binance has blocked British Pounds (GBP) and Euros (EUR) withdrawals.
The leading crypto exchange issued a notice stating that customers would no longer be able to with both fiat currencies. The development comes a few days after Clear Junction, a global payment solution provider and one of Binance’s important European partners, confirmed that it would no longer facilitate either fiat payments to Binance. The exchange told customers that:
Please note that GBP Bank Withdrawals (via Faster Payments) have been temporarily suspended [….] we are working to resume this service as soon as we can.
In addition to Clear Junction that has retraced its partnership with Binance, other U.K. banks, including Barclays and Santander, have blocked customers from making deposits to Binance, citing the FCA’s consumer warning over Binance Group in late June.
The Financial Conduct Authority (FCA), U.K.’s highest financial auditing authority, issued a consumer warning about Binance. The agency noted that Binance “is not permitted to undertake any regulated activity in the U.K.” Since then, Binance has come under increased pressure from regulators and banks across the world.