Crypto exchange Binance to suspend sterling (GBP) deposits and withdrawals

Facing pressure from regulators that is also raging in the UK towards the crypto sector, Binance has announced that it will have to stop deposits and withdrawals in British Pounds (GBP).

As a reminder, the exchange platform had already halted transfers in US dollars last month. At the time, Binance said the suspension would only affect 0.01% of its monthly active users. This time, it said the GBP change would impact less than 1% of its users. The company assured that it was working to restart both services as soon as possible.

Paysafe, Binance’s GBP banking partner, has indeed informed the crypto exchange that they will no longer be able to provide its services as of May 22, 2023.

As of now, sterling transfers are no longer available to new Binance users. Existing users will no longer be able to make sterling transfers to and from Binance as of May 22.

Paysafe, our fiat partner who provides GBP deposit and withdrawal services via bank transfer and card to Binance users, has informed us that they will no longer be able to provide these services from 22 May 2023.

In the meantime, all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on Binance.com remain unchanged,” a Binance spokesperson said.

Binance is now looking for a new banking provider in the UK, the company says the change will affect less than 1% of its users.