Binance Temporarily Suspends GBP Deposits and Withdrawals Following Payment Partner’s Exit

By Tsunami On Mar 14, 2023

Binance has announced that it will temporarily suspend GBP deposits and withdrawals for new users starting on March 13th and for all users starting on May 22nd. The move comes after payment partner Paysafe announced that it will no longer be able to provide these services.

In an email statement, Binance stated that Paysafe, which provides GBP deposit and withdrawal services via bank transfer and card for Binance users, has informed them that they will no longer be able to provide these services as of May 22nd. However, users can still access their GBP balances.

While the exchange estimates that only a maximum of 1% of its customers will be affected, it is working to find a replacement solution. Users can still deposit and withdraw other fiat currencies as well as buy and sell cryptocurrencies normally on Binance.com.

Binance first added GBP trading pairs in 2020, before launching its trading platform in the UK. At that time, UK citizens could easily convert fiat currency into cryptocurrencies via Binance Jersey, an exchange established to serve the UK and French markets with low fees. In June 2021, the UK Financial Conduct Authority (FCA) issued a notice to users that Binance Markets Limited and its parent company, Binance Group, were not allowed to conduct any “regulated financial activities” in the UK.

As a result, users were unable to use GBP or euro to deposit money into their accounts. However, last year, Binance began supporting GBP and euro again through its partnership with Skrill, a subsidiary of Paysafe.

Last week, Paysafe, which is listed on the NYSE under the symbol PSFE, reported its fourth-quarter earnings. They processed $130 billion in payment transactions in 2022, up 6% from the same period last year.

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