Binance Suspends Faster Payments for Regulatory Purposes

Binance Suspends Faster Payments for Regulatory Purposes
  • Binance suspends popular payments for regulatory purposes.
  • Users can use Bank cards to transfer money from exchanges.
  • FCA demands Binance to stop the regulation process.

Binance suspends popular payments provider, Faster Payments for regulation purposes. The UK’s Binance customers were not able to use Faster Payments for transactions. 

Moreover, Binance reports that users cannot withdraw British Pounds (GBP) through Faster Payments as they are freezed for maintenance on June 28. But users can use the traditional methods to transfer money.

Faster Payments is a platform used for payment processes in many major banks for instant payments. It has become one of the most popular methods for transferring fiat currencies to and from the Binance exchange.

Additionally, Binance users can use bank cards to transfer money from exchange, according to the reports. The exchange, however, states that the suspension of Faster Payments is a major impediment.

Binance Is Not Binance Markets Limited

This suspension follows the order from the UK’s Financial Conduct Authority (FCA) on June 27. Besides, the FCA demands Binance to stop the regulation process after the review of its operational process.

The letter from FCA notes that Binance Markets Limited is not allowed to continue the regulatory process in the UK. Besides, no other platform in Binance Group possesses the required permits to operate in the UK.

Furthermore, the exchange responds to the notice from FCA saying that Binance Markets Limited is a private legal entity. It does not provide any products and services via the Binance.com website. As a result, the UK’s FCA notice has no significant impact on the services from Binance.com.

Binance launched its UK trading platform for local and international investors in June 2020, under the guidance of the FCA.

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