On Monday, numerous reports were circulating Twitter that claimed Binance had emailed customers regarding a suspension for maintenance on GBP withdrawals. The social media reports were confirmed by a statement on Clear Junction’s website. The statement cited a ruling by the Financial Conduct Authority (FCA) on the exchange. 

In June, the FCA ruled that Binance could no longer conduct any regulated activity within the United Kingdom and issued a consumer warning against the cryptocurrency platform. The FCA warned people to be wary of advertisements that promised high returns on crypto asset investments, and Binance was ordered to remove all advertisements and financial promotions by the end of the month. Binance was required to clearly state on its website and social media platforms that it was no longer permitted to operate in the UK. However, before Binance suspended GBP withdrawals, the platform’s users still had the option to buy cryptocurrencies and tokens in British pounds.