{"id":380295,"date":"2023-03-14T15:54:55","date_gmt":"2023-03-14T15:54:55","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=380295"},"modified":"2023-03-14T15:54:55","modified_gmt":"2023-03-14T15:54:55","slug":"binance-halts-deposit-and-withdrawals-for-its-uk-users","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/binance-halts-deposit-and-withdrawals-for-its-uk-users","title":{"rendered":"Binance Halts Deposit And Withdrawals For Its UK Users"},"content":{"rendered":"<p>Binance, one of the leading cryptocurrency exchanges globally, has halted its withdrawal and deposit services for its UK customers.<\/p>\n<ul>\n<li><strong>What: Binance suspends its withdrawal and deposit services for UK customers<\/strong><\/li>\n<li><strong>Why: This comes after its local banking partner ceased providing support for transactions in British pounds<\/strong><\/li>\n<li><strong>What Next: Binance halted the services for its new users on Monday, and will suspend withdrawal and deposit transactions for all customers on May 22. <\/strong><\/li>\n<\/ul>\n<p>The exchange platform suspends its withdrawal and deposit services for its UK customers using bank transfers and card payments. This comes after its local banking partner ceased facilitating support for transactions in British pounds. However, according to a <em>Bloomberg<\/em> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-14\/binance-halts-deposits-and-withdrawals-for-customers-in-the-uk\" target=\"_blank\" rel=\"noopener\">report<\/a>, the spokesperson noted that &#8221; the Binance team is working hard to develop an alternative solution for users affected by the changes.&#8221;<\/p>\n<p>A London-based online payment platform, Paysafe, asserted that it would cease providing one of its products to Binance&#8217;s users in the United Kingdom, citing the regulatory challenges around crypto assets. Binance suspended the services for new users on Monday, as it will halt such transactions for all customers on May 22. Paysafe noted:<\/p>\n<blockquote><p><em>We have concluded that the UK regulatory environment concerning crypto is too challenging to offer this service at this time. So, this is our prudent decision taken in an abundance of caution.<\/em><\/p><\/blockquote>\n<p>However, Paysafe did not mention whether it will stop supporting other crypto platforms. Nonetheless, the London-based platform noted that its UK business with Binance is small. However, it will keep working with the exchange firm in other parts of Europe and Latin America.<\/p>\n<h2>Binance struggle to set a base in the UK<\/h2>\n<p>On the other hand, Binance itself has struggled to set a base in the UK. In 2020, it acquired a local firm named Binance Markets Ltd to act as its UK subsidiary. However, the <a href=\"https:\/\/insidebitcoins.com\/news\/fca-admits-it-fails-full-regulatory-oversight-on-the-crypto-market\">Financial Conduct Authority<\/a> warned against the platform for lacking the required permission to operate in the country.<\/p>\n<p>In the past years, the UK government has tried to embrace cryptocurrencies. Regardless, financial regulators have repeatedly warned investors about the risks of losing all their money when investing in digital assets.<\/p>\n<h3>More News:<\/h3>\n<ul>\n<li><a class=\"article-header-title\" href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-price-breaks-above-26k-following-cpi-data\" rel=\"bookmark\">Bitcoin Price Breaks Above $26K Following CPI Data<\/a><\/li>\n<li><a class=\"article-header-title\" href=\"https:\/\/insidebitcoins.com\/news\/us-justice-department-launched-an-investigation-into-the-terrausd-collapse\" rel=\"bookmark\">US Justice Department launched an investigation into the TerraUSD collapse<\/a><\/li>\n<li><a class=\"article-header-title\" href=\"https:\/\/insidebitcoins.com\/news\/cftc-signals-receptiveness-to-crypto-adds-circle-ava-labs-and-fireblocks-execs-to-tech-advisory-group\" rel=\"bookmark\">CFTC Signals Receptiveness To Crypto, Adds Circle, Ava Labs, and Fireblocks Execs To Tech Advisory Group<\/a><\/li>\n<\/ul>\n\n            \n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Binance, one of the leading cryptocurrency exchanges globally, has halted its withdrawal and deposit services for its UK customers. What: Binance suspends its withdrawal and <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/binance-halts-deposit-and-withdrawals-for-its-uk-users\" title=\"Binance Halts Deposit And Withdrawals For Its UK Users\">[&#8230;]<\/a><\/div>","protected":false},"author":1910,"featured_media":377562,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7596],"tags":[7612,7877],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.8 (Yoast SEO v21.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance Halts Deposit And Withdrawals For Its UK Users -<\/title>\n<meta name=\"description\" content=\"Binance suspends withdrawal and deposit services due to its local banking partner cease providing support for transactions in British pounds\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/380295\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Halts Deposit And Withdrawals For Its UK Users\" \/>\n<meta property=\"og:description\" content=\"Binance suspends withdrawal and deposit services due to its local banking partner cease providing support for transactions in British pounds\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-14T15:54:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/02\/ec071218-ed33-4351-ac16-79337266162d.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Emmaculate Nyaboke\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emmaculate Nyaboke\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/380295#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/380295\"},\"author\":{\"name\":\"Emmaculate Nyaboke\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/1cfa2eaff137dc7803fead8b231ed234\"},\"headline\":\"Binance Halts Deposit And Withdrawals For Its UK Users\",\"datePublished\":\"2023-03-14T15:54:55+00:00\",\"dateModified\":\"2023-03-14T15:54:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/380295\"},\"wordCount\":398,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"Binance\",\"Financial Conduct Authority (FCA)\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/380295#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/380295#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/380295\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/380295\",\"name\":\"Binance Halts Deposit And Withdrawals For Its UK Users -\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"datePublished\":\"2023-03-14T15:54:55+00:00\",\"dateModified\":\"2023-03-14T15:54:55+00:00\",\"description\":\"Binance suspends withdrawal and deposit services due to its local banking partner cease providing support for transactions in British pounds\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/380295\"]}],\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/380295#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/380295#primaryimage\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insidebitcoins.com\/#website\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"name\":\"InsideBitcoins.com\",\"description\":\"Search &amp; 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