Binance Ends GBP Withdrawals and Deposits for UK Users in 2025: What You Need to Know
Starting May 22, 2025, Binance will stop processing sterling (GBP) deposits and withdrawals for UK customers due to its banking partner ending their agreement. Learn how this impacts your crypto transactions and alternative options.
Tobi is a crypto writer at Investopedia dedicated to making blockchain and cryptocurrency concepts accessible to everyone.
Binance, the world’s largest decentralized crypto exchange, will cease all GBP withdrawals and deposits for its UK clients after its local banking partner terminated their agreement amid increasing regulatory challenges in the crypto sector.
Important Highlights
- Binance will stop GBP deposits and withdrawals starting May 22, 2024, following the end of its partnership with a UK banking provider.
- New users will no longer have access to GBP transactions, while existing users must complete their transactions before the cutoff date.
- This change only affects GBP; other currencies and payment methods on Binance.com remain fully operational.
Understanding the Change
On March 13, 2024, Binance informed its UK users via email that GBP transactions will no longer be supported after May 22. This change impacts less than 1% of Binance’s global user base, who will still retain full access to their account balances.
Binance reassures customers that their accounts and other functionalities remain unaffected, and alternative fiat currency transactions and crypto purchases via bank transfers or credit/debit cards continue without interruption.
Reason Behind the Sudden Halt
Paysafe, the payment processor handling Binance’s GBP transactions, cited the UK’s stringent regulatory landscape on cryptocurrencies as the main reason for ending the service.
“Given the complexities of the UK crypto regulatory environment, we have decided to discontinue this service as a precautionary measure,” Paysafe stated.
Binance’s Regulatory Challenges in the UK
Since launching its crypto services in the UK in 2020, Binance has faced ongoing regulatory scrutiny.
In June 2021, the UK’s Financial Conduct Authority (FCA) warned that Binance was not authorized to conduct regulated activities in the country.
This led Binance to partner with Paysafe, a UK-regulated company, to facilitate GBP deposits and withdrawals via SEPA and Faster Payment Services.
It remains uncertain whether Binance will secure a new partner to restore GBP transaction services in the UK.
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