June 28, 2021 6:34 pm by Adam Samson
Binance customers have lost the ability to withdraw and deposit pounds using one of the main UK payments systems three days after the country’s financial watchdog banned the crypto exchange from operating in Britain.
On Monday the digital asset company said on its main exchange, Binance.com, that the ability to remove sterling from the platform through a system known as Faster Payments had been “suspended for maintenance”. Binance did not say how long the outage would last and declined to immediately comment on the notice.
Faster Payments, a service used by major banks to process payments quickly, is one of the key channels for moving traditional currencies to and from the exchange. While Binance’s website says customers can still move money using bank cards, the lack of access to Faster Payments represents a significant curb on UK clients’ abilities to pull money from the exchange directly into their bank accounts. Several people messaged Binance on Twitter on Monday to enquire about the Faster Payments suspension.