Binance, largest cryptocurrency exchange, resumes withdrawals for UK users after regulator’s ban
What happened: Leading crypto exchange Binance has resumed withdrawal services for its clients in the UK, according to a report from Reuters.
Customers in the region said on Tuesday they were unable to deposit or withdraw pounds sterling from the platform through the Faster Payments network.
Why is this important: Problems with the crypto exchange were first reported after coming under scrutiny by the UK’s Financial Conduct Authority (FCA), which said the Saturday that Binance “is not permitted to undertake any regulated activity” in the country.
The regulator also told the crypto exchange that it must post a notice to investors on its platform that it is not licensed to operate in the country.
Read also: How to buy Binance Coin
“Binance Markets Limited withdrew its 5MLD application on May 17, 2021 following intensive engagement by the FCA,” said an FCA spokesperson. CNBC earlier this week.
“The actions taken today on Binance Markets Limited have been underway for some time. “
Price action: Binance’s native crypto token, Binance Coin (CRYPTO: BNB), is the fourth largest cryptocurrency with a market cap of $ 43 billion. The token was trading at $ 289 at the time of writing, down 3.83% in the past 24 hours.
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