Binance Reinstated Fast Payment Withdrawals For UK Customers

Binance reinstated fast payments withdrawals for all UK customers after it went down shortly a day ago as we can see more in our latest Binance news today.

Binance reinstated fast payment withdrawals for GBP Payments and all UK customers. The service went down yesterday and stopped the UK customers from getting their money out of the exchange. Binance reinstated support for GBP withdrawals via Faster Payments and a high-speed UK banking network. The deposits of British pounds remain suspended for bank cards and faster payments. The exchange suspended GBP withdrawals for maintenance a day ago which came two days after the Financial Conduct Authority stopped the Binance Markets Limited British company acquired by Binance in 2020 from launching a UK version of Binance that will serve UK consumers. FCA spokesperson emphasized that it doesn’t regulate trading so Binance has not prevented the customers from trading crypto and derivatives contracts on the exchange.

Yesterday, one Binance spokesperson said that the faster payments will be back online by the middle of the day but declined to comment when it will reinstate the withdrawals to the bank cards.

As reported previously, In the past few weeks, Ontario emerged as one of the most aggressive crypto regulators as the regulator even introduced a new prospectus and registration requirements for crypto exchanges. Last week, the Ontario Securities Commission announced that it will be holding hearings regarding crypto exchanges ByBit the “flouting” law. Furthermore, the regulator took steps against two companies that were associated with KuCoin earlier this month.
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Binance ceases operations in Ontario after the major regulatory crackdown in the country and has plans to end all operations by December 31, 2021.

Ontario regulators are not the only ones that have taken a closer look at the activities of Binance within their jurisdiction. The Financial Services Agency of Japan even warned that Binance could be operating in the country without having a license. The warning came on the back of the governor of the Bank of Japan slamming BTC as a speculative asset back in the year. Japanese and Canadian Binance users were still worried about service ending in their countries that could rest easier knowing that the trading for some users persisted for months on the main Binance site after the many requests for users to migrate to the US. Binance CEO Changpeng Zhao admitted that Americans find “intelligent” ways to avoid the territory.