3 Minutes to Read (Reuters) – LONDON (Reuters) – Binance, a major cryptocurrency exchange, announced on Wednesday that sterling withdrawals were resumed, and that users could now buy digital tokens with debit and credit cards. This picture, taken on June 28, 2021, shows the Binance logo and stock graph. Illustration by REUTERS/Dado Ruvic Customers of Binance said they were unable to deposit or withdraw pound from the platform on Tuesday, just days after British officials cracked down on some of the company’s activities in the nation. Users of the world’s largest currency exchange reported they couldn’t withdraw or deposit pounds using the Faster Payments network, which allows mobile, internet, and other payments between British bank accounts, or bank cards. Withdrawals via the Faster Payments network were resumed on Tuesday, according to a Binance representative, and bank card purchases of crypto were also reactivated. Many customers claimed that, except from a “down for maintenance” notification, Binance had provided no information regarding transactions being stopped. Binance had stated that the Financial Conduct Authority’s (FCA) action would have no effect on services offered on its website, and that British residents’ access to it would be untouched by the crackdown. Later on Wednesday, Binance.co.uk flashed a notification claiming that Binance Markets Limited, a UK-based company, was not licensed to conduct regulated activities in the nation. From its Binance.UK Twitter account, it made the identical remark. Reuters, however, was unable to locate a message on the Binance.com website or on the Binance Twitter account. By the end of business on Wednesday, the FCA had directed the company to post the warning on Binance.com, its mobile and desktop applications, and social media outlets. Requests for comment from Binance and the FCA were not immediately returned. While cryptocurrency trading is not directly regulated in the United Kingdom, providing services such as cryptocurrency derivatives trading does require authorization. Binance, led by Canadian Changpeng Zhao, is under increased scrutiny from regulators throughout the world, with many expressing alarm about the use of cryptocurrencies in general for money laundering and other crimes. Binance provides a wide range of services, including digital token trading, derivatives, and developing technology such as tokenized stock versions. Binance Coin, the company’s own cryptocurrency, is the fourth-largest in the world, with a market cap of roughly $45 billion. Tom Wilson contributed reporting; Shubham Kalia contributed further reporting; Mark Potter and Kirsten Donovan edited the piece./n
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