Binance Will Ban British Pound Deposits and Withdrawals

The largest cryptocurrency exchange Binance stops support for the British pound. Since March 13, depositing and withdrawing funds in British pounds sterling (GBP) has been suspended for new users on the site. Other users will be able to make transactions in pounds until May 22.

The exchange was forced to take such measures due to the fact that the British partner refused to support the company’s transactions.

“This change affects less than 1% of Binance users,” a spokesperson for the exchange said in an email. “However, we know that these services are valued by our users, and our team is working hard to find an alternative solution for them. We will share the news as soon as possible.”

“We have concluded that the UK cryptocurrency regulatory framework is too complex to offer such a service, and therefore this is a reasonable decision on our part, taken due to serious concerns,” a representative of the financial partner of the Paysafe platform explained the situation.

Binance first added GBP trading pairs in 2020 ahead of the UK launch of its trading platform. UK citizens could convert fiat to cryptocurrency on Binance through Binance Jersey, an exchange located on an island between England and France.

But in June 2021, the UK Financial Conduct Authority ordered Binance Markets Limited, the UK arm of the company, to cease “any regulated activity” without prior written consent from the authorities.

From then until March 2022, users could not use GBP or EUR to fund their accounts. In 2022, Binance resumed GBP and EUR transfers using PaySafe’s Skrill service. Happiness, as we can see, did not last long, and a year later, exchange users again lost the opportunity to make deposits in pounds.

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