Binance resumes fiat withdrawals via faster payments in UK

Cointelegraph Team Cointelegraph

Leading decentralized crypto exchange by trade volume Binance has restored British pound withdrawals using the Faster Payments network.

On June 28, Binance uploaded a notice revealing that withdrawals via Faster Payments, a popular United Kingdom-based inter-bank payments platform, had been suspended for maintenance.

The news came the same week the U.K.’s financial regulator, the Financial Conduct Authority (FCA), ordered Binance Markets Limited and the Binance Group to cease all regulated activities relating to derivatives and securities in the country. This led many to infer the sudden and seemingly opaque suspension of Faster Payments could signal further troubles ahead for the exchange.

According to a June 30 report from Reuters citing a Binance spokesperson, withdrawals via Faster Payments were reinstated on June 29 alongside bank card purchases for U.K. users.

The spokesperson also said that the FCA’s apparent crackdown does not impact the ability of British residents to access the services on its website.

A notice posted to the FCA’s website from last year stated that Binance Markets Limited should not “promote or accept any new applications for lending by retail customers through the operation of its electronic lending system,” or promote Binance, BinanceUK, or EddieUK as being FCA-regulated platforms for cryptocurrency trading.

Binance.co.uk uploaded a notice stating that Binance Markets Limited was not permitted to undertake regulated activities in the United Kingdom, in compliance with the FCA’s demands:

“Binance.com is a platform providing various products and services to global customers. Some of these products and services are regulated outside the UK, while others are not. Binance Markets Limited is a UK based company which has not yet carried on any business. BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITIES IN THE UK.”

In June 2020, Binance announced it had acquired an “FCA-regulated entity,” noting that Binance.UK would be operated by Binance Markets Limited moving forward.

Author

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

Mixed signals leave XRP and XLM at crossroads

Ripple and Stellar are trading at critical technical levels on Thursday. XRP has stabilized above the psychological $1.00 support, while XLM is testing support at $0.173. Traders should be cautious as mixed derivatives metrics keep the outlook uncertain for both altcoins. Derivatives data shows mixed sentiment among traders. CoinGlass’ long-to-short ratio for XRP reads 1.02 on Thursday.

Robinhood revenue climbs 32% to record $1.3B in Q2, crypto earnings decline 38%

Robinhood hit record revenue for the second quarter of the year, with total net revenue rising 32% year-over-year to $1.31 billion, according to its earnings report on Wednesday. The exchange witnessed strong growth across equities, options and event contracts.

Bitcoin trails US Dollar as Fed holds rate steady

The Federal Reserve kept its benchmark interest rate unchanged at 3.50% to 3.75% at its July meeting on Wednesday, in line with market expectations. Minutes from the meeting showed that economic activity has been expanding at a solid pace despite elevated uncertainty. The central bank also noted that job gains have "kept pace with the workforce."

Ethereum: Can Fed decision unsettle the calmness in ETH?

Ethereum climbed above $1,900 on Wednesday following the Federal Open Market Committee's (FOMC) decision to leave interest rates unchanged at 3.50-3.75%. The decision follows a quiet derivatives and spot market for the top altcoin, with traders waiting for the decision before making a move, according to CryptoQuant analysts.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.