Binance Reactivates GBP Withdrawals in the UK


Leading cryptocurrency exchange Binance has reactivated sterling withdrawals from its platforms, with users now able to buy crypto assets with debit and credit cards.

Earlier this week, the exchange's customers were unable to deposit or withdraw British Pound (GBP) from its platform after the regulator in Britain cracked down on crypto activities in the country.

Binance users said they were unable to withdraw or deposit fiat via the Faster Payments network, which enables payments between British bank accounts or bank cards, showing a “down for maintenance” message.

On Tuesday, these services were reactivated, said a Binance spokesperson.

The crypto exchange also displayed a notice on its Binance.co.uk website on Wednesday stating that Binance Markets Limited was not permitted to undertake regulated activities in the country and conveyed the same message from its Binance.UK Twitter handle.

The UK’s Financial Conduct Authority (FCA) had told the company to post the notice on Binance.com and its mobile and desktop applications, along with social media channels.

While crypto-assets are not regulated in the country, trading in crypto derivatives requires authorization.

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