Binance to Cease Sterling Deposits And Withdrawals For UK Customers

Less than one per cent of the company's users will be affected by the change, and they will still be able to access their balances.

Binance to Cease Sterling Deposits And Withdrawals For UK Customers

By May 22, Binance will not be processing withdrawals or deposits in GBP. This latest announcement was made via an email sent to users.

Less than one per cent of the company's users will be affected by the change, and they will still be able to access their balances. Binance informed customers that their accounts were unaffected and certain features remained unaltered. 

"In the meantime, all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on Binance.com remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance, and buying and selling crypto directly via credit or debit card,” a spokesperson told multiple news outlets.

According to Paysafe, which processes Binance's GBP transactions, this change in policy is a result of the regulatory oversight of cryptocurrencies. Paysafe said in a statement: 

“We have concluded that the UK 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.

Since launching its cryptocurrency service in the UK without any restrictions in 2020, Binance has been in conflict with authorities. A year after launching its trading subsidiary in 2021, the UK's Financial Conduct Authority issued a warning about Binance's operation, stating that it was "not permitted to engage in regulated activity."