Binance Discontinues Deposits, Withdrawals For UK Customers: Details

Binance, the world’s leading cryptocurrency exchange, has announced the discontinuation of deposits and withdrawals for its UK customers. The decision has been taken due to recent regulatory measures imposed by the Financial Conduct Authority (FCA). Binance will no longer allow deposits and withdrawals in pounds sterling, effective immediately. However, UK customers can still trade on the platform and access their funds. The move comes as Binance continues to face scrutiny by regulators around the world, including in the US and Japan. The exchange has urged its UK customers to withdraw their funds before the deadline to avoid any inconvenience.

Binance, which holds the title of the world’s largest cryptocurrency exchange based on trading volume, has paused its customers’ deposit and withdrawal service temporarily in the United Kingdom involving bank transfers and card payments. This halt is due to its local banking partner’s decision to cease support for transactions in British pounds, resulting in Binance customers in the UK being deprived of accessing their funds. Binance halted the transactions in response to the announcement by its UK payment processor, Paysafe, indicating that it would no longer offer its customers an embedded wallet option. Both Binance and Paysafe have ensured their UK customers that they have other deposit options available to them. Binance had previously faced UK regulatory challenges concerning reportedly inadequate anti-money laundering controls and customer protection from financial crime risks. The CFTC is also reviewing whether Binance allowed US citizens to trade unregistered derivatives.

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