- Binance is resuming fiat withdrawals with the Faster Payments network.
- Faster Payments was under suspension for maintenance.
As of June 28, 2021, Binance said it could no longer support withdrawals using the Faster Payment network. In detail, this notice was out only because the UK-based inter-bank payments solution was under suspension due to maintenance.
However, that was step was only short-lived. On June 30, 2021, a Binance agent said that withdrawals with Faster Payments are now bank in full swing. Accompanying its return is the reinstatement of bank card purchases for UK users.
The initial news came at the same time as the Financial Conduct Authority’s (FCA) order for Binance to cease its regulated activities. Specifically for those that involve derivatives and securities in the nation. This move had many speculating the possibilities to stricter regulations for the exchange.
After all, Binance and other exchanges are already facing similar challenges with other UK-based banks. For instance, some UK banks have already begun to restrict their users’ activity on crypto exchanges.
Meanwhile, other banks have completely decided to ban their users from trading, buying, selling on crypto exchanges such as Binance and Kraken. In particular, Binance has to make a hard call of pulling out its services in Ontarios due to its regulator’s strict measures.
However, in the matter of Faster Payments, the Binance agent says that the FCA’s ongoing mission to regulate exchanges did not affect the ability of UK residents in accessing the services on its website. Therefore, Binance was able to resume fiat withdrawals with Faster Payments.