Just-In: Binance Reactivates Sterling Pound Withdrawals Days After Outage

By Prashant Jha
June 30, 2021 Updated June 30, 2021
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Binance crypto exchange has reactivated sterling pound deposits and withdrawals just two days after the service went down. Coingape had reported earlier that the British customers were unable to withdraw or deposit the native fiat on Binance without any prior warning from the crypto exchange.

The outage of withdrawal/deposit service also came amid reports of FCA, UK’s financial watchdog, allegedly banning Binance’s services. However, a deep dive into FCA’s warning revealed the “Ban-Theory” was quite far from the truth. The FCA warning was routine since crypto assets are not fully regulated in the country. The exchange also assured customers that FCA’s recent actions wouldn’t impact any of their services for the British customers.

One of the spokespeople from the crypto exchange revealed the direct debit and credit purchase option along with faster internet banking is reactivated again.

Binance at the Receiving End of FUDs and Regulatory Scrutiny

Binance is the largest crypto exchange by trading volume with a customer base from around the globe. The exchange is famous for building crypto onboarding fiat bridges in many countries where the larger section of the population with no banking facility. However, working in different nations come with various regulatory challenges. In recent times, Binance has been at the receiving end of regulators over noncompliance, first Japan’s regulatory head FSA issued a warning for the exchange followed by UK’s FCA.

The exchange has also faced regulatory hurdles in the US with its sister company Binance.US. However, on most of these occasions, the mainstream media has portrayed routine warnings and scrutiny as a big snub. Right before the recent FCA warning was turned into an outright ban, a routine Us Federal Agency inquiry was also portrayed as big wrongdoing on Binance’s end.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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