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Biggest Crypto Exchange Binance Resumes Withdrawals For UK Users After Regulator s Ban
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Largest Crypto Exchange Banned From Britain, Hottest Digital Token Tanks, Bitcoin Soars, Rinse, Repeat
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News
Binance’s U.K. customers are currently unable t use the popular local payments provider, Faster Payments, to withdraw British pounds (GBP) from the exchange.
On Monday, June 28, a notice on the Binance website declared that GBP withdrawals via Faster Payments had been “suspended for maintenance,” according to the Financial Times.
Faster Payments is a payment provider used by major banks to process near-instant payments. It has become one of the preferred channels for moving fiat currencies to and from the Binance exchange.
According to the report, U.K. users can still use traditional methods such as bank cards to move money from the exchange. However, the exchange acknowledged that the suspension of Faster Payments presents a significant hurdle.
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Binance Markets Ltd., the world’s largest cryptocurrency exchange by volume, has been banned in the United Kingdom.
The decree came from the U.K. Financial Conduct Authority. The authority said in a statement Saturday that Binance is “not permitted to undertake any regulated activity in the U.K.” without “prior written consent of the FCA.” The authority added that “no other entity in the Binance Group holds any form of U.K. authorization, registration of license to conduct regulated activity in the U.K.”
The FCA went on to add that “most firms advertising and selling investments in crypto-assets are not authorized by the FCA. This means that if you invest in certain crypto assets you will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong.”
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Market Moving Headline:
Last week, U.S. equity index futures discovered higher prices alongside some positive economic and political developments.
Both the S&P 500 and Nasdaq 100 established new all-time highs (ATHs). The Nasdaq 100, though, found responsive sellers at a zone of overlapping Fibonacci-derived price targets, weighing down the S&P 500, which had a difficult time expanding range, a usual sight for a healthy bull market.
Narrowing breadth, in conjunction with weak seasonality, potentially unsupportive market liquidity metrics, trade in the options market, as well as poor profile structures that offer little-to-no support on liquidations, suggests participants ought to beware of an increased potential to violently backfill.
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