UK Fiat transactions blocked on Binance

Posted:Jun 30, 2021 13:19 Category: Europe , Regulatory , Posted by
Ravindu Dabarera

Clients were unable to withdraw Pound Sterling after new regulatory measures were imposed on Binance

Since yesterday, UK citizens have been unable to withdraw British pounds from the world’s biggest crypto exchange Binance, reportedly not receiving any assistance from customer service. A statement from the operators has yet to come.

The malfunction follows a ban on any regulated activities of Binance in the UK by the FCA, however transactions were not included in the ban. It was precisely directed to the trading of derivates and tokenized assets, such as NFT stocks.

Additionally, Britain’s Natwest Group capped the daily amount of money customers may send to exchanges, due to concerns over investment fraud.

Nonetheless, transactions were not announced to be halted, and to the discomfort of British crypto traders, there is no further feedback aside of a “down for maintenance” notification. Normally, such maintenance operations are announced via social media, which has not been the case.

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