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Crypto platform Binance suspends GBP withdrawals

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Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, and Litecoin are seen in front of a displayed Binance logo in this illustration taken, June 28, 2021. REUTERS/Dado Ruvic/Illustration
Binance is one of the world's largest crypto exchanges. Photo: REUTERS/Dado Ruvic/Illustration

Cryptocurrency platform Binance has suspended the withdrawal of British pounds and euros, as payments provider Clear Junction stopped facilitating them. 

There were reports circulating on Twitter that the platform had emailed customers following a suspension for maintenance on GBP withdrawals on Monday. 

A statement on Clear Junction's website confirmed the move, citing a Financial Conduct Authority (FCA) ruling on the exchange. 

Read more: From Binance to Coinbase: The rise of cryptocurrency exchanges 

In June, the FCA issued a warning to consumers that one of the world’s largest bitcoin (BTC-USD) exchanges is not permitted to undertake regulated activities in the UK.

Binance Markets was ordered to remove all advertising and financial promotions by 30 June.

The company has been required to make clear on its website, social media platforms, and all other communications that it is no longer permitted to operate in the UK, and must not carry out any regulated activities in Britain without prior consent.

Read more: Why the UK banned Binance and what it means for your crypto assets?

Users on the platform still have the option of buying cryptocurrencies and tokens in GBP.

A Binance spokesperson said: "We are working as quickly as we can to make payment services available to our users and thank them for their patience.

"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.”

Watch: What are the risks of investing in cryptocurrencies?

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