Binance to suspend deposits & withdrawals of GBP 

The notable crypto exchange, Binance in an email disclosed that it will suspend British pound sterling deposits and withdrawals starting on May 22. However, it could reconsider the move “unless it can find another service provider.”

According to the email, the Binance partner for Faster Payment Service transactions, Skrill Limited owned by PaySafe will not support it anymore, hence, customers won’t be able to use GBP as an account on or off-ramps.

Skrill agreed with Binance to cease offering their embedded wallet solution to their UK customers, a Skrill representative said. Looking at the UK regulatory environment in relation to crypto, the representative stated that it is “too challenging to offer this service at this time,” hence, the firm considered it a prudent decision taken in an “abundance’ of caution. 

New users will be unable to open accounts with GBP deposits, however, existing users will still have access to their GBP balances. Nonetheless, the change would affect less than 1% of Binance users, a Binance spokesperson said.

The spokesperson added that as the services are valued by Binance users, the team would work hard to find an alternative solution for them. Also, updates on the move will be shared he said.

Binance initially added GBP trading pairs in 2020, before its UK-based platform went live. In June 2021, the Binance UK platform was ordered by the UK’s Financial Conduct Authority to suspend “any regulated activities” without prior consent. From the time of the order till March 2022, users were unable to fund their accounts using GBP or euros. 

Before the “suspend order,” UK citizens were able to convert fiat to crypto on Binance using Binance Jersey, an England and France-based exchange with low tax rates.  However, Binance reintroduced GBP and euro transfers afterward having Skrill as its fiat partner. 

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