Cryptocurrency exchange platform Binance has suspended the withdrawal of British pounds, euros and other fiat currency options as payments provider Clear Junction stopped facilitating them.
There were reports the crypto exchange had sent emails to affected customers informing them of the problem.
Clear Junction’s official statement on their website confirmed the move, citing a Financial Conduct Authority (FCA) ruling on the exchange unauthorised to conduct regulated activities in the country.
Back in June, Binance had temporarily suspended cash payouts via Faster Payouts amid warnings from the U.K. Financial Conduct Authority about the exchange operating in the country without a license. Binance Markets was ordered to remove all advertising and financial promotions by 30 June.
“We are working as quickly as we can to make payment services available to our users and thank them for their patience”.
A Binance spokesperson said
“We take our compliance obligations very seriously, and we are committed to working collaboratively with regulators to shape policies that protect consumers, encourage innovation, and move our industry forward.”
Earlier this month, Barclays also announced it has stopped facilitating customers deposit transactions with their debit and credit cards to crypto exchange Binance following the FCA’s ruling.
Santander’s U.K. branch also followed Barclays’ suit by blocking customer payments to the crypto exchange platform.