Binance, the world’s largest cryptocurrency exchange, said that from May 22, customers will no longer be able to deposit and withdraw funds directly using British pounds via bank transfers.
A Binance spokesperson pointed out, “Paysafe is our fiat currency partner and provides Binance users with GBP deposits and withdrawals via bank transfer and bank card, but we have been informed that from May 22, they will no longer be able to provide these services.”
Binance pointed out that from now on, new users will not be able to use GBP deposits to open accounts on the exchange, and will suspend all users’ GBP deposit and withdrawal channels on May 22. The spokesperson estimated that less than 1% of Binance users would be affected, and the team is working hard to find other alternatives.
Binance initially added GBP trading pairs for the first time in 2020 and launched a trading platform for UK users, but was later accused by the UK Financial Conduct Authority (FCA) of operating without a license in June 2021 and was forced to stop providing crypto and cryptocurrency in the UK. For asset-related services, it was not until March last year that it reached a cooperation with PaySafe’s e-wallet Skrill that the British pound deposit and withdrawal channel was reopened.
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A Skrill representative revealed, “We have reached an agreement with Binance to stop offering their embedded wallet solution to their UK customers.” He explained:
This is a decision we have made after careful consideration. Providing this service is extremely challenging at this stage given the UK’s cryptocurrency regulatory environment.
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