As per the latest reports, the customers of Binance in the United Kingdom have received yet another blow from Binance. The reports suggest that Binance has again revoked the ability for the United Kingdom customers from withdrawing GBP (fiat).
The exchange has announced that its UK-based users will be unable to withdraw their funds in the local currency until further notice.
Binance ensured that all of its affected users based in the United Kingdom were aware of the restriction. It communicated the sudden action it took on the users via an email. The firm informed them that the revocation of the option was due to a problem it faced.
This information was confirmed by Finance News on Tuesday, July 13, a local news reporting firm in the United Kingdom.
Although the cryptocurrency exchange giant has rotated an email to all its UK-based users, it still has not confirmed the reason of doing that. The firm is yet to reveal the real reason behind the revocation of the GBP withdrawals through its platform.
Binance has communicated to all its UK-based users that it is currently looking into the matter and will be providing them with an update soon. The firm communicated that it is trying its best to resolve the problem at the earliest.
It was back at the end of June when Binance had revoked the facility for its users based in the United Kingdom. The blocking of the service came right after the Financial Conduct Authority (FCA) announced that Binance was banned from providing cryptocurrency-related services in the United Kingdom.
As a result of the suspension, the users in the United Kingdom were unable to withdraw funds in pounds sterling.
However, Binance confirmed that it had reinstated the service a day after it was revoked in June. Unfortunately, the suspension of the service has taken place again in a matter of two months. This has put all investors in the United Kingdom in a very harsh situation.
The Financial Conduct Authority (FCA) announced in the mid of June that Binance was offering its services in the UK without a proper license. Therefore, it could not operate in the country unless it provided a proper explanation as to why it was not able to respond back to FCA’s demand for an explanation.
Although Binance announced that it would fully cooperate with the FCA, it did reveal that Binance.com was allowed to operate in the UK. It is Binance.com that is currently providing cryptocurrency-related services in the United Kingdom while FCA banned Binance Markets Limited (BML) from providing crypto-services in the country.
After the ban, Binance officials are yet to make a comment on the situation that is currently taking place in the United Kingdom.