Denial of Service: Faster Payments ceased cooperation with Binance in the UKIn the article Illegal financial transactions of Binance with fiat money we collected all the financial partners of Binance casino, through which fiat transfers are received (deposits and withdrawals, bank payments, credit card payments). We are glad to inform you that on the wave of news from the UK and after our complaints payment system Faster Payments Service (FPS - Fasterpayments.org.uk) refused to cooperate with Binance.
At the moment, British customers of Binance cannot use the popular local payment provider Faster Payments to withdraw British pounds from the exchange or to fund their balances. Faster Payments is a payment provider used by major banks to process almost instant payments. It has become one of the preferred channels for moving fiat currencies to and from the Binance exchange, but when the UK's Financial Conduct Authority (FCA) banned Binance from operating in the country - it significantly impacted the ability of Binance Holdings Limited ("Binance") and Binance Markets Limited to accept sterling in the UK without the proper license:
"Binance Markets Limited is not permitted to conduct any activities in the United Kingdom," the FCA said in a letter, noting that no other entity in the Binance Group has any necessary permits to operate in the United Kingdom. On June 28, the exchange countered that Binance Markets Limited is "a separate legal entity and does not offer any products or services through the Binance.com website."
"The FCA UK notice has no direct impact on the services provided on Binance.com." Binance launched its UK trading platform for institutional and retail investors under the FCA in June 2020.
Importantly, Binance has 2 other financial partners in the UK through which you can still deposit/withdraw funds, these are SEPA bank transfers (via ClearJunction, a UK based and FCA regulated service, ClearJunction Limited, company number 10266827) and Mercuryo.io (billing for credit cards and bank transfers, FCA Registered Firm Number: 850523, registered with the FCA as a PSD agent). Relevant complaints ScamBinance has sent to these companies, in parallel duplicated in the UK Financial Conduct Authority (FCA) - waiting for an appropriate response.
Additionally, it became known that users have problems with deposit/withdrawal of funds through the Dutch payment system iDEAL. While we can not declare that Binance refused to cooperate with iDEAL, but we are closely monitoring the situation.
Earlier, the U.S. bank Silvergate Bank refused to cooperate with Binance, monobank in Ukraine, the Central Bank of Nigeria (CBN) has banned cooperation with Binance, the Russian company QIWI broke off cooperation with Binance. Part of the functionality on the Binance exchange for deposit and withdrawal of fiat funds has the status of "Technical work", apparently - there are more companies that independently or after our complaints stopped cooperation.