As per the latest reports, the users of Binance in the United Kingdom are unable to use the payments provider that is available locally. The name of the particular platform is “Faster Payments” and it is very popular among the UK locals. The United Kingdom locals reportedly used the application on a regular basis to withdraw money from the Binance. The “Faster Payments” application lets the UK locals withdraw their funds from Binance in GBP.
It was on Monday, June 28, 2021, when Binance had made an official announcement through its website regarding the Faster Payments application. The cryptocurrency exchange had announced that the Faster Payments application would be down on a temporary basis. At that time, Binance had announced that the application would be down for maintenance purposes.
However, the website had revealed that the maintenance was being carried out only for the British Pound (GBP). The exchange had communicated that the application had been suspended for the UK area for maintenance.
Faster Payments are not only preferred and used by the locals but also by major banks in the United Kingdom. They use the application for its fast and instant payments facility and easy-to-use tools. In a matter of years, the application has become one of the most preferred and popular channels that have been used in the United Kingdom.
The locals as well as commercial/major banks, all have been using the particular application for their benefit. The locals in the United Kingdom use the application heavily in order to transfer and receive funds from the Binance exchange.
It is to be clarified that it is just the Faster Payments application that has been suspended by Binance exchange for making deposits and withdrawals. Users can still use other methods such as bank accounts, bank cards, or other permitted channels in order to carry out deposits and withdrawals.
However, Binance has itself admitted that the application was the most preferred method that the UK-based users and banks were using for deposits/withdrawals. Now that the application has been suspended, it is indeed going to cause many hurdles for the locals who were used to the particular application.
The suspension for the Faster Payments application follows the recent action that was taken by the Financial Conduct Authority (FCA) on Binance. It was on Sunday, June 27, 2021, when the Financial Conduct Authority demanded the exchange to cease all activities that were regulation-related. The Financial Conduct Authority had announced that it was carrying out an investigation on its operations and therefore, barred the exchange from operating in the country.
The FCA also communicated that no other entities within the Binance Group had the required permission to operate in the United Kingdom.