Customers of Binance, one of the world’s largest cryptocurrency exchanges, are confronting that question after their accounts were suddenly cut off from one of the UK’s main payments systems.
Days after the Financial Conduct Authority ordered Binance to
halt all regulated activities Britain, the digital asset company
Stopped allowing its customers to withdraw pounds via Faster Payments, a service used by high street banks. Bank card transfers in pounds were also halted.
Binance insists that the FCA ban does not affect its business and some of the links have been reinstated. Customers could still transfer their holdings to other platforms. But the sudden halt highlights a key issue for the freewheeling world of cryptocurrencies. With the notable exception of
El Salvador no country uses bitcoin as legal tender — and even Elon Musk has
backed off plans to accept it as payment for Teslas. Instead, crypto holders must find ways to convert it into fiat currencies.
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