Interest in cryptocurrencies has increased this year and prices have reached record highs.
However, this month has been tough for anyone who recently invested in some of the major cryptocurrencies.
China, considered to be one of the biggest places cryptocurrency miners operate, is cracking down on currencies.
READ MORE: How John McAfee got involved in cryptocurrency
It has ordered banks not to allow transactions and has officially declared that it does not recognize any of the cryptocurrencies as a means of payment.
Now, however, it appears that the UK has cracked down on cryptocurrencies, with the Financial Conduct Authority (FCA) issuing a ruling on one of the major crypto exchanges – Binance.
But what does this mean for Binance and how does it affect those with cryptocurrency? Here’s everything we know about it so far.
Is Binance banned in the UK?
Binance is not “banned” in the UK, but the FCA has made a tough decision against it.
It states that Binance is “not allowed to conduct regulated activities in the UK” and called on the company to pull all ads out of the country by June 30th.
Binance urged that this wouldn’t affect their services, but that seems to have changed.
UK customers have now been prevented from withdrawing and depositing through the marketplace as it said it was “for maintenance”.
The Faster Payment system is currently unavailable – just days after the verdict – and Binance hasn’t given an update on when this will be fixed.
Customers could still move money using bank cards, but the Faster Payments system has put a massive block on UK customers to move money.
Binance has declined to comment on the situation.