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Binance complies with UK regulatory requirements, FCA declares

vadim artyukhin BitC QEU unsplash

TL;DR Breakdown:

  • Binance has now complied with FCA to conduct regulated services in the country.
  • FCA warned in June that the exchange doesn’t have any permit to offer such services.
  • This eventually resulted in deposit and withdrawal hurdles as banks cut ties with the exchange. 

After facing intense scrutiny from the UK financial regulator, the leading cryptocurrency exchange Binance is now authorized to operate regulated services in the country. The Financial Conduct Authority (FCA) made the disclosure today, confirming the exchange has complied with all requirements and that it’s registered with them. 

The financial regulator acknowledged in the updated page, stating that Binance Markets Limited has “complied with all aspects of the requirements.” The development today will probably appease the UK customers who have been disgruntled with payment issues involving the British Pounds (GBP).

Binance ordeal with FCA’s crackdown

The exchange’s operation in the UK was disturbed severely after the financial regulator issued a warning that “Binance Markets Limited” isn’t authorized to conduct any regulated service in the country. “No other entity in the Binance Group holds any form of UKauthorization, registration or licence to conduct regulated activity in the UK,” the FCA said. 

Following FCA’s warning, one of the leading UK financial institutions Barclays cut ties with the exchange, followed by other banks such as HSBC, Santander, and NatWest. This resulted in GBP withdrawal and deposit issues for UK customers, which Binance had to suspend afterward.

GBP payment is coming back

Today, however, a report from Verdict claims that the leading crypto exchange is gradually resuming GBP withdrawals and deposits, following the update from FCA. At the moment, the exchange has resumed GBP payments via Mastercard and Visa card. The Faster Payments option remains suspended. 

“We can confirm that GBP deposits and withdrawals via bank card have been resumed,” a spokesperson for the exchange told Verdict.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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