- Binance has suspended all GBP deposits and withdrawals.
- The exchange had already stopped sending U.S. dollars last month.
- Binance claims that only 1% of users will be affected by the change.
share this article
Just a month after suspending US dollar bank transfers, Binance has now been forced to also stop processing GBP deposits and withdrawals.
Only 1% of users affected
Crypto companies continue to struggle with banking partners.
Binance, the world’s leading cryptocurrency exchange, suspended British Pound Deposits and Withdrawals next week. The change has already taken effect for new users but will remain valid for existing users until 22nd May before the service is shut down.
A Binance spokesperson told CoinDesk: “Paysafe, a fiat partner that provides GBP deposit and withdrawal services to Binance users via bank transfer and card, will offer these services from May 22, 2023. I was notified that I would not be able to do it,” he said.
Binance announced last month that it would stop accepting US dollar deposits and withdrawals via bank transfer. The exchange indicated at the time that the suspension would only affect his 0.01% of his monthly active users. This time, it states that the GBP change affects less than his 1% of users. The company has assured that they are working to restart both services as soon as possible.
Binance’s suspension of GBP and USD transfers may be due to bank issues.According to leading Bitcoin advocate Nick Carter, the US government may be trying to crack down on the crypto industry By decoupling from the banking sector, Carter called this strategy Operation Chokepoint 2.0. Carter claims the scheme involves putting pressure on banking institutions to avoid serving cryptocurrency companies on the basis of “safety and soundness.”
Despite these headwinds, Binance remade February spot volume was $504 billion, representing more than 61% of the total market share.
Disclosure: At the time of writing, the author of this work owned BTC, ETH, and several other crypto assets.