Everyone knows that Binance remains one of the top choices in the market when it comes to crypto exchanges. However, it is hardly free from controversy and making headlines for the wrong reasons. Although it is a centralized exchange which means that it theoretically should not face as many problems as decentralized exchanges do, Binance has nevertheless caused quite a stir in countries such as Poland, Canada, Japan, China, Germany, the United States, and now the United Kingdom.
The U.K’s FCA had stated that due to the exchange not abiding by the necessary regulatory policies of the country. It was not allowed to function to its fullest extent and capacity in the nation. As a result, the exchange has decided to stop all withdrawals made in GBP for its U.K based customers.
Binance forced to neglect U.K customers again
After facing continuous scrutiny from the FCA, wherein it had been stated that all payments to be made to Binance in the U.K would now be suspended until further notice. This development had also come around the time when China had effectively banned the popular exchange as well. As of yesterday, the U.K customers were thus prohibited from withdrawing the funds, and from making matters worse, this is not even the first time that Binance has been forced to neglect its British clientele due to regulatory concerns. Once again, the United Kingdom’s Binance users find themselves with a lack of any viable option for fiat currency as far as withdrawals may be concerned.
As it stands, there have been no details released to the public pertaining to how long the prohibition will last and when withdrawals shall be resumed. The only thing that was said was that the exchange is currently striving to find a solution to this matter and that this shall be revealed to all when the time is right.
Multiple issues plaguing Binance
As aforementioned, the FCA had forced Binance to stop its activities in the U.K as it had allegedly been operating within the country without an approved license.
Additionally, Binance had also been hacked before in 2019, and thanks to these latest developments surrounding the FCA as well as facing scrutiny from several countries, the future may be one filled with struggles for the popular crypto exchange.