Embattled crypto exchange, Binance, has stopped its users in the United Kingdom from withdrawing in Pound Sterlings, according to a report from the Financial News.
According to the report, the exchange had sent its users mail informing them of the new development. The crypto company had cited its current issues with the Faster Payments Network (FPN), thus leaving its users in the UK without access to fiat currency withdrawals.
The exchange, however, has failed to provide more information about the current development. Instead, it only stated that it was working towards a solution and when it finds one, it would inform its users.
Earlier in the week, it emerged that Clear Junction, a global payment solution, stated that it would no longer offer its services for payments in Euro and Pounds for Binance. The payment solution served as the conduit through which the CZ-led exchange was able to accept withdrawals and deposits from the Single Euro Payments Area (SEPA) and the FPN.
Binance’s Challenges Keep Rising
Binance has faced a number of challenges in recent weeks. The crypto exchange is facing regulatory scrutiny across the globe from various regulators who say it has no right to operate within their jurisdiction.
Clear Junction’s decision could be traced to the warning issued by the Financial Conduct Authority of the UK, who stated that the crypto platform had no license to operate within the country. In light of the warning, other financial institutions in the country like Barclays and others began clamping transactions to Binance.