Withdrawals from Binance customers are frozen through the UK’s main payment network

Binance customers have lost the ability to withdraw and deposit kilos using one of the UK’s leading payment systems three days after the country’s financial watchdog banned crypto exchanges from operating in the UK.

On Monday, digital asset company Binance.com said in a major exchange that the ability to remove it from the sterling platform through a system called faster payment was “suspended for maintenance”. Binance has not said how long it will last and has not declined to comment on the release immediately.

Faster payments, a service used by major banks to process payments quickly, are one of the key channels for regular currency exchange and exchange. Although Binance’s website says that customers can withdraw money using bank cards, the lack of access to Faster Payments is a significant limitation on the ability of UK customers to withdraw money directly to their bank accounts. Several friends sent Binance to Twitter on Monday to ask about the suspension of faster payments.

Couldn’t comment on payment faster.

Binance is one of the largest digital asset companies in the world. According to BlockCrypto, it processed about $ 1.5 million in transactions in the last month. Regulators in several countries, including Japan and Germany, have recently censored the exchange – which offers cryptocurrency trading and a wide range of digital currency-related products – for conducting business in their countries without sufficient approval.

The suspension comes after the UK Financial Conduct Authority on Friday ordered the UK subsidiary regulated by Binance Suspension of financial activities in traditional UK currencies. The group also withdrew its application for a registered crypto exchange after an in-depth discussion with the FCA last month. In examining applications, the regulator’s focus is on practices and controls related to money laundering and the prevention of terrorist financing.

The exchange said over the weekend that the FCA’s intervention “does not have a direct impact on the services provided by Binance.com.”

The FCA has been looking at broader Binance links with UK consumers, according to a person who knows the subject.

Binance typically has access to a faster payment system and a similar eurozone system through the Single Euro Payments Area (Sepa), a company called FCJ-regulated ClearJunction, Binance says on its website. Dima Kats, CEO of ClearJunction, has not commented on whether Binance has lost access to faster payments, but said it has paid close attention to the actions of regulators.

Access to sepa-based euro transfers appeared to be active on Binance.com from 18:00 on Monday in London.