Binance Suspends Faster Payments for Regulatory Purposes
It appears that Binance have written a blog post explaining why they have suspended transaction speeds for users to comply with regulations. Binance has been making a lot of news recently, with many people making a lot of money in the process. Binance have stated that the reason for their new policy is to meet the increasingly strict KYC requirements of the Japanese Financial Services Agency. The Japanese F S A is known to be particularly stringent when it comes to exchanges, especially when it comes to AML and KYC rules.
After Binance, one of the largest cryptocurrency exchanges in the world, announced that it was halting an existing feature that made trades faster, it set off a wave of speculation about what the exchange was doing. Binance said that the quicker trades were being suspended because of a “high risk of fraud attempts”.
On Friday, 29th of March 2018, Binance announced they would suspend deposits and withdrawals of all cryptocurrencies. They cited the Chinese government’s decision to forbid local cryptocurrency exchanges from offering services to the public. Binance had previously announced the move in February, but it was only now made official.. Read more about is binance.us safe and let us know what you think.
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News from the Exchange
For regulatory reasons, Binance has suspended popular payments.
Bank cards may be used to make money transfers from exchanges.
The FCA has demanded that Binance halt the regulatory procedure.
Faster Payments, a popular payment service, has been suspended by Binance for regulatory reasons. Binance clients in the United Kingdom were unable to utilize Faster Payments for transactions.
Furthermore, according to Binance, customers will be unable to withdraw British Pounds (GBP) via Faster Payments on June 28 due to a maintenance outage. Users may, however, send money via conventional ways.
Faster Payments is a platform for fast payments that is utilized by several major institutions. It has quickly become one of the most popular ways to send and receive fiat money on the Binance market.
According to rumors, Binance customers may now use bank cards to transfer money from the exchange. The suspension of Faster Payments, on the other hand, is a significant obstacle, according to the exchange.
Binance Markets Limited is not the same as Binance.
The Financial Conduct Authority (FCA) of the United Kingdom issued the ruling on June 27. Furthermore, the FCA has demanded that Binance halt the regulatory process after a review of its operating procedures.
Binance Markets Limited is not permitted to continue the regulatory procedure in the United Kingdom, according to the FCA letter. Furthermore, no other platform in the Binance Group has the necessary licenses to operate in the United Kingdom.
Furthermore, Binance Markets Limited is a private legal company, according to the exchange’s response to the FCA notification. The Binance.com website does not provide any goods or services. As a consequence, the FCA notice in the United Kingdom has no bearing on Binance.com’s services.
Under the supervision of the FCA, Binance launched its UK trading platform for domestic and international investors in June 2020.
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