Bitcoin on the British flag

Binance Suspends Deposits and Withdrawals for UK customers

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Binance, the world’s largest cryptocurrency exchange, has announced that it is halting its British pound deposits and withdrawals a month after it stopped dollar transfers.

See related article: Binance suspends international U.S. dollar transfers, CEO indicates issues with banks

Fast facts

  • Binance halted sterling deposits and withdrawals for new users on Monday and said that it would suspend such transactions for all customers on May 22.
  • Binance’s announcement comes after London-based payments firm Paysafe, a local partner of the exchange for fiat on and off-ramps, said it would stop providing sterling transfer services for U.K. users.
  • “We have concluded that the U.K. regulatory environment in relation to crypto is too challenging to offer this service at this time and so this is a prudent decision on our part taken in an abundance of caution,” Paysafe said in a statement on Tuesday.
  • In 2021, Binance temporarily suspended British pound transfers after the U.K. Financial Conduct Authority said the exchange wasn’t permitted to operate in the country. Its bank transfer service resumed through Paysafe in February 2022. 
  • Last month, the U.K. Treasury released a consultation paper, introducing a new crypto regulatory framework to regulate crypto activities under the same regime as traditional financial services.
  • On Feb. 8, Binance suspended U.S. dollar deposits and withdrawals after Signature Bank said it would limit the service. U.S. regulators shut Signature Bank over the weekend following the closure of Silicon Valley Bank.

See related article: Crypto Clarity Coming?

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