After the FCA warned Binance that the platform could not carry out regulated activities in the UK, the exchange turned off the popular Faster Payments payment system.
Now Binance users from the UK will not be able to withdraw money in pounds sterling through the Faster Payments system. This is an interbank payment system that allows you to transfer money almost instantly. It is the most popular among customers from the UK.
It is worth noting that residents of Foggy Albion still have other ways to withdraw funds from the Binance platform. For example, through bank cards or through a regular bank account.
The function of transferring funds through Faster Payments is in “service mode”. The shutdown of the payment system is connected with the actions of the local regulator, which stated that Binance cannot provide regulated services to residents of the UK.
Earlier, the FCA reported that the number of cryptocurrency investors in the country increased from 1.9 million to 2.3 million over the year. In addition, there are more people familiar with cryptocurrencies among the residents of the UK – 78% of respondents said that they had heard about digital assets.