Per Decrypt
Binance suspends UK customers' deposits and withdrawals through bank transfers
3/14/2023
Bloomberg suspends deposits and withdrawals for UK customers via bank transfers. In an email sent to customers, it was noted that customers wouldn't be able to use the British pound sterling GBP on their accounts.
This is reportedly because of Skrill Limited, Binance's partner in the UK that it uses for transactions that were Faster Payments Service. Skrill Limited no longer supports GBP.
A spokesperson said in the email that the change would only affect a fraction of Binance users, at notably just 1%. It was noted that they would provide more updates regarding what they will do.
“This change affects less than 1% of Binance users... However, we know that these services are valued by our users and our team is working hard to find an alternative solution for them. We will share updates on this as and when we are able.”
Binance first added GBP to its list of fiat trading pairs in 2020, before its official launch in the UK. During that time, users had to convert their fiat to crypto through Binance Jersey.
A Skrill representative also gave a statement regarding their agreement with Binance and that they recognize the challenges regarding the UK regulatory environment regarding crypto.
"We have concluded that the UK regulatory environment in relation to crypto is too challenging to offer this service at this time and so this is a prudent decision on our part taken in an abundance of caution."
In mid-February, it was found that Binance actually had secret access to a Silvergate bank account that belonged to an independent US partner. The trading platform reportedly transferred $400 million from the account to another trading firm that was managed by Binance CEO Changpeng Zhao.
Previously, CZ said many big four firms didn't know how to audit crypto exchanges. This was said on December 2022.
See flow at unusualwhales.com/flow.
Other News:
- Binance had secret access to a Silvergate, $SI, bank account belonging to its purportedly independent U.S. partner and transferred $400 million from the account to a trading firm managed by Binance CEO Changpeng Zhao
- CZ of Binance said many big four firms do not know how to audit crypto exchanges
Resources:
Nike, NKE, to increase prices on footwear, apparel amid tariffs
5/22/2025 7:15 PMSubaru of America increases vehicle prices
5/22/2025 7:14 PMCEO of Microsoft, MSFT, Satya Nadella, has said as much as 30% of Microsoft code is written by AI
5/22/2025 7:07 PMApple, AAPL, may release a ‘mostly glass, curved iPhone’ in 2027
5/22/2025 7:04 PM
Stay Updated
Subscribe to our newsletter for the latest financial insights and news.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.