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Binance Suspends Sterling Deposits and Withdrawals

The Binance crypto exchange announced the decision to temporarily stop deposits and withdrawals in pounds sterling.

Binance Suspends Sterling Deposits and Withdrawals

Source: Pixabay.com

In an email that the crypto exchange sent to its customers, it says that deposits in pounds sterling and withdrawals of funds stored in this currency will temporarily disappear from the list of available services from May 22. Withdrawal of pounds will not be available either with cards or through accelerated payments.

This decision is forced and unplanned for the crypto exchange. The suspension of deposits and withdrawals in pounds sterling is since the Paysafe subsidiary Skrill has stopped the process of providing fiat services.

For clients of the crypto exchange, the solution did not become too sensitive. The suspension of deposits and withdrawals affected only one percent of Binance service consumers. Those who have lost access to the service still have the opportunity to make financial transactions using their balances in pounds sterling.

This news followed Binance’s decision to stop all banking transactions in dollars temporarily. Currently, the crypto exchange operates in the face of increased attention from regulators, who have strengthened control measures after the collapse of FTX at the end of last year. The emerging trends indicate that regulators will tighten the control process.

The US Department of Justice is currently investigating the crypto exchange for suspected involvement in money laundering and sanctions violations.

Binance said that it is searching for a new partner to resume the possibility of deposits and withdrawals in pounds sterling, but warns that this process may take a long time.

In 2021, the crypto exchange lost access to faster payments. This happened after the FCA ordered Binance to cease regulated activities in the UK. In 2022, the crypto exchange restored access through Paysafe. But then the FCA expressed concern about this.

As we have reported earlier, Binance Adds Support for More African Currencies.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.