In brief

  • Binance has reinstated Faster Payments.
  • The service went down yesterday, hampering UK customers from getting their money out of the exchange.

Binance has reinstated support for GBP withdrawals via Faster Payments, a high-speed UK banking network. Deposits of British pounds remain suspended for bank cards and Faster Payments.

The crypto exchange had suspended GBP withdrawals “for maintenance” on Monday 28 June, two days after the Financial Conduct Authority stopped Binance Markets Limited, a British company acquired by Binance in 2020, from launching a UK version of Binance that would directly serve UK consumers.

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A spokesperson for the FCA emphasized that it does not regulate crypto trading. Thus, Binance has not prevented customers from trading cryptocurrencies and derivatives contracts on the exchange.

Yesterday morning GMT time, a Binance spokesperson told Decrypt that Faster Payments could be back online by the middle of the day, but declined to comment when it would reinstate withdrawals to bank cards. Today, Binance declined to comment once again.

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