Biggest Crypto Exchange Binance Resumes Withdrawals For UK Users After Regulator's Ban

What Happened: Leading crypto exchange Binance has resumed withdrawal services for its customers in the U.K., according to a report from Reuters.

On Tuesday, customers in the region said that they were unable to deposit or withdraw sterling from the platform via the Faster Payments network.

Why It Matters: Issues with the crypto exchange were first reported after it became the subject of scrutiny by the U.K.’s Financial Conduct Authority (FCA), which said on Saturday that Binance “is not permitted to undertake any regulated activity” in the country.

The regulator also told the crypto exchange that it must display a notice to investors on its platform stating that it is not allowed to operate in the country.

Read also: How to buy Binance Coin

“Binance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA,” a spokesperson for the FCA told CNBC earlier this week.

“The action taken today on Binance Markets Limited has been in train for some time.”

Price Action: Binance’s native crypto token, Binance Coin BNB/USD, is the fourth largest cryptocurrency with a market cap of $43 billion. The token was trading at $289 at the time of writing, down 3.83% in the past 24-hours.