Binance halts fiat transactions for UK clients due to regulatory pressures

In a recent development, the world's largest cryptocurrency exchange, Binance, has suspended Fiat Ramp for UK users, affecting the highly preferred channel for transferring fiat currencies to and from Binance exchange, Faster Payments. However, it's important to note that this suspension does not affect other methods of depositing or withdrawing funds on Binance for UK users.

Faster Payment is a payment provider used by major banks to process near-instant payments. The suspension is due to regulatory pressure, but the specific reasons for this pressure on Binance were not detailed in the provided information.

The Financial Conduct Authority (FCA) in Britain has banned cryptocurrency exchange UK operation, but this notice has no direct impact on the services provided on Binance.com. The FCA's ban does not specifically target Binance.com, but rather the UK operation of the exchange.

To mitigate the impact of this suspension, Binance users in the UK still have alternative methods for depositing and withdrawing funds, other than Faster Payments. UK customers of Binance typically use traditional methods like bank cards to transfer money from the exchange. However, it's worth noting that UK users of Binance cannot utilize Faster Payments or popular local payment services to withdraw British pounds (GBP) from the exchange.

On June 28, a notice on the Binance website stated that GBP withdrawal via Faster Payment has been "Suspended for maintenance". The exchange against which Binance Market operates is not affected by this suspension, and the separate legal entity offering services instead of Binance UK, called Binance Markets Limited, is not directly affected by the FCA ban. The exchange against which Binance market operates is also a separate legal entity and does not offer any product or services through Binance.com.

In conclusion, while the suspension of Faster Payments on Binance provides a substantial difficulty for UK users of Binance, other methods for depositing and withdrawing funds remain available. It's recommended that UK users of Binance stay informed about any updates regarding this situation.