Binance Suspends Faster Payments Feature in UK

Reading Time: < 1 minute

Crypto trading platform Binance has just announced it has suspended Faster Payments, a feature that allowed British users to withdraw British pounds from the exchange, the Financial Times has reported.

According to an announcement made by the company yesterday, GPB withdrawals have been temporarily “suspended for maintenance.”

The measure comes just a few hours it became known the Financial Conduct Authority (FCA), the financial regulator of the country, has banned Binance from offering any regulated services in the country.

Faster Payments, which is a service used by a lot of banks to offer their users almost instant payments, was the preferred method for deposits and withdrawals on the exchange in the UK.

However, despite the suspension of the service, it is worth noting that users can still use other funding and deposit methods, including bank cards.