Binance GBP Deposits and Withdrawals Suspended
Binance, the world's largest cryptocurrency exchange, is set to suspend British pound sterling deposits and withdrawals for all users by 22 May, 2023. Binance GBP deposits and withdrawals for new users were halted on 13 March, 2023.
What led to the Binance GBP suspension decision?
According to a Binance spokesperson, Paysafe, the cryptocurrency exchange’s fiat partner for GBP deposit and withdrawal services via debit/credit card and bank transfers, "will no longer be able to provide these services from 22 May, 2023".
As of Monday, these services have been suspended for new users.
That means new Binance users CANNOT deposit and withdraw in the fiat currency. How soon Binance will tie up with a new fiat partner for GBP deposit and withdrawal services is yet to be seen.
Given that there are still a couple of months until the suspension kicks in, it is likely that the centralised exchange (CEX) will announce a new partner by then. At the time of writing, Binance is exploring alternatives and insists that fewer than 1% of its user base will be affected by this decision.
It is worth noting that all “other methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto” on the cryptocurrency exchange remain “unaffected”.
That means existing users from the UK can avail themselves of GBP and all other fiat currency options until 22 May. If the crypto exchange does not find a solution to this dilemma, UK users will have to resort to other fiat currency options post-suspension.
If a Binance UK user wishes to convert their US dollar (USD), for example, to GBP, they can use services such as XE.com.
XE.com is an international money transfer service that is simple to use. With real-time exchange rates, low fees, and quick transfers to over 170 countries in more than 100 fiat currency options, you can trust the service to convert any fiat currency you withdraw on Binance to GBP.
To utilise the service, create an account with your email address, enter the recipient’s bank details, address, and payment information, double-check the entered details, obtain the expected delivery date, and send your money transfer! Of course, solutions like XE.com are a last resort.
The popular crypto exchange should be able to sort out the GBP situation soon.
Author: Surajdeep Singh
Surajdeep Singh has been working in the tech sphere as a marketing guru and journalist for over 6 years, with his speciality laying in blockchain and Web3. He has donned several hats in marketing and journalism over the years and worked with many reputable brands. Feel free to reach out to him on LinkedIn!