Binance Users Report Issues with Sterling Deposits and Withdrawals

The crypto exchange has not publicly reported issues with payment gateways that process sterling transactions.

Users from Binance, a major cryptocurrency exchange, have been reporting on Tuesday that they were unable to arrange deposits or withdrawal requests in Sterling pounds from the platform. The reports came after the company was banned by the UK Financial Conduct Authority (FCA) to operate in the United Kingdom.

According to Reuters, customers have been complaining through social media that the Faster Payments network or bank cards are presenting issues with sterling deposits and withdrawals. Still, as of press time, Binance’s website remains accessible by UK users despite the FCA’s ban issued over the last weekend. However, when they try to deposit or withdraw, one of the messages quoted by the customers reads: “down for maintenance.” Faster Payments has not issued a statement addressing the matter yet.

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“I tried to withdraw Fiat, but it’s blocked, and it just says maintenance. Typically when there’s maintenance Binance announces it on their socials, etc. No explanation or anything was given. Frustrating,” a Binance’s customer under anonymous condition told Reuters. Furthermore, in Twitter, users have begun tagging Changpeng Zhao’s Twitter handle, Binance’s CEO, claiming that the issue remains persistent. In fact, Zhao has not addressed the issue publicly as of press time.

Latest on the Binance Regulatory Saga

As Finance Magnates reported today, NatWest Group has reportedly limited the daily amount that customers can send to crypto exchanges. One of the firms includes Binance, which was recently banned by the UK Finance Conduct Authority (FCA), as there are scam concerns among the group. The cap was imposed on June 24, and it targets several cryptocurrency exchanges. Binance has not issued an official comment about the matter nor answered press inquiries.

Last week, Binance decided to stop its services to clients from Ontario, Canada, due to mounting regulatory obligations for crypto businesses in the country’s most populous province. “Regrettably, Binance can no longer continue to service Ontario-based users,” Binance stated in an announcement on Friday.

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