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Binance Suspends Sterling Deposit and Withdrawal Services

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According to the news on March 14, Binance suspended the sterling deposit and withdrawal service of new users on March 13, and suspended the sterling deposit an

Binance Suspends Sterling Deposit and Withdrawal Services

According to the news on March 14, Binance suspended the sterling deposit and withdrawal service of new users on March 13, and suspended the sterling deposit and withdrawal service of all users on May 22. The Binance spokesman said in an email that he had received a notice from the Binance French currency partner Paysafe that from May 22, 2023, they would no longer be able to provide sterling deposit and withdrawal services.

Binance will suspend sterling deposit and withdrawal service for all users on May 22

Analysis based on this information:


Binance, the world’s largest cryptocurrency exchange, has suspended sterling deposit and withdrawal services for new and existing users. The suspension took effect on March 13, and all users were affected by it from May 22. The reason behind this decision is that Binance’s French currency partner Paysafe notified the exchange that they would no longer be able to provide sterling deposit and withdrawal services after May 22, 2023.

This decision is significant for Binance users in the UK who have been using sterling as their payment method for trading cryptocurrencies. Binance has not yet announced any alternative payment methods, but it is expected to do so before May 22, 2023. The company has assured its users that their funds are safe and that it will continue to provide trading services for other cryptocurrencies.

The suspension of sterling deposit and withdrawal services is likely due to the regulatory pressure on cryptocurrency exchanges in the UK. The Financial Conduct Authority (FCA) has been cracking down on companies that offer cryptocurrency-related services, especially those that do not comply with the necessary regulations. Binance has been on the FCA’s list of cryptocurrency firms that have been warned about operating in the UK without proper authorization. This suspension could be a reflection of Binance’s efforts to comply with the FCA’s regulations or to avoid further regulatory action.

This is not the first time Binance has faced regulatory challenges. The cryptocurrency exchange has been banned or restricted in several countries, including China, Japan, and Canada. Binance has been taking measures to address these regulatory challenges, such as hiring former regulators as executives and implementing stricter KYC (know-your-customer) requirements.

In conclusion, Binance’s suspension of sterling deposit and withdrawal services is a clear indication of the regulatory challenges that cryptocurrency exchanges are facing in the UK. Binance has assured its users that their funds are safe and that it will continue to provide trading services for other cryptocurrencies. It remains to be seen what alternative payment methods Binance will offer in the future.

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