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Are you a UK crypto investor having issues with Binance UK Withdrawals and unsure what to do? Look no further! In this beginner’s guide, we’ll explain step-by-step how to convert your digital crypto assets into British Pounds and then how to withdraw GBP back into your bank account.
Binance paused GBP withdrawals and deposits in May 2023 because its local banking partner, Paysafe, ended their relationship. However, this did not affect UK customers depositing and withdrawing cryptocurrency from the Binance platform. Even though things have become inconvenient since these changes, there are ways you can still use Binance and withdraw GBP to a UK bank account.
So, let’s get started and dive into our guide on withdrawing GBP from Binance for UK cryptocurrency investors.
Depositing & Withdrawing GBP from Binance
The process of withdrawing and depositing GBP from and to Binance has been pretty simple, which we have outlined in our guide on how to withdraw from Binance. However, not for the first time; Binance UK users will experience issues depositing and withdrawing GBP from Binance to their bank account.
This was due to the termination of Binance’s relationship with local banking partner Paysafe, which ended on the 22nd of May, 2023. Although Binance is working on resolving this issue, UK customers can still not withdraw and deposit fiat via their platform.
While we wait for an update from Binance, we have put together three alternatives you can use to carry on using Binance in the UK.
Please note that while fiat deposits and withdrawals are paused for UK Binance users, crypto transactions are unaffected.
3 Alternative Methods for Binance UK Customers
In light of the recent developments where direct withdrawals from Binance to UK bank accounts have been suspended, many users are seeking alternative routes to access their funds. While this development poses a challenge, it also opens up an opportunity to explore other efficient and secure methods of withdrawing GBP from Binance.
Here, we outline some viable alternatives that ensure you can access your funds and offer additional benefits that might enhance your cryptocurrency trading and withdrawal experience.
1. Binance P2P
Binance P2P stands as a robust alternative, acting as a marketplace where users can engage in direct transactions with each other. It’s a platform that combines the flexibility of more than 150 payment methods with the security and trust of the Binance ecosystem. Users looking to withdraw GBP can utilize Binance P2P to sell their cryptocurrencies directly to buyers, receiving payments straight to their bank accounts or through other supported payment options without incurring trading fees.
2. Alternative Exchanges
Exploring other cryptocurrency exchanges like Coinbase is another practical alternative. Users can transfer their cryptocurrencies from Binance to Coinbase or similar platforms, where the regulatory environment currently supports direct withdrawals to UK bank accounts.
This method allows users to leverage Binance’s competitive trading fees and vast crypto offerings while utilizing platforms like Coinbase to facilitate the final step of converting crypto to GBP and withdrawing it.
3. Use a MultiCurrency Account
Using a multicurrency account offers a workaround for the GBP withdrawal challenge. Services like Revolut and TransferWise allow users to hold and convert multiple currencies, including Euros and USD. Users can convert their GBP to Euros or another supported currency and then proceed to fund their Binance accounts.
This alternative bypasses the GBP withdrawal restriction and offers users the flexibility of managing multiple currencies, which can benefit international trading and investments.
While the suspension of direct GBP withdrawals from Binance to UK bank accounts is a significant development, the alternatives outlined above ensure that users continue to have options for accessing their funds. Each alternative has unique benefits, and users should consider factors like convenience, fees, and speed when choosing the most suitable option for their needs.
What is Binance?
Binance is a leading global cryptocurrency exchange platform that offers a secure and user-friendly environment for buying, selling, and trading various cryptocurrencies. Originally founded in China in 2017, Binance has since established a strong presence in the UK market, catering to the growing demand for digital asset services among UK investors.
The platform enables users to access popular cryptocurrencies such as Bitcoin, Ethereum, and others while providing competitive trading fees and advanced trading features. By focusing on compliance with local regulations, Binance aims to offer UK investors a safe and reliable platform for their cryptocurrency needs.
Binance UK Regulations
Since launching its crypto exchange, Binance has faced ongoing challenges with UK regulators.
In 2020, Binance expanded its presence in the UK by acquiring a local company. This acquisition allowed Binance to establish a UK subsidiary called Binance Markets Ltd. This move aimed to strengthen Binance’s foothold in the region and cater to the growing demand for cryptocurrency services among UK investors. By operating as Binance Markets Ltd., the company intended to comply with local regulations and offer a secure platform for UK users to trade various cryptocurrencies.
However, in June 2021, the UK’s Financial Conduct Authority (FCA) issued a warning about Binance’s operations, stating that the platform was not “permitted to undertake any regulated activity.”
After partnering with Paysafe, a UK-regulated company, in January 2022, Binance could again resume offering Sterling deposits to its UK customers and reopened Single Euro Payments Area transfers. This development again raised concerns for the financial watchdog, who considered the exchange a “significant risk.”
As a result, Binance partnered with Paysafe, a UK-regulated company, to enable deposits and withdrawals through the SEPA payment network and Faster Payment Services (FPS). However, whether the exchange can find another partner to help restore its services in the UK remains uncertain.
Paysafe announced on March 14th 2023, that it would discontinue offering one of its products to Binance’s UK customers, referring to local regulators’ stance on crypto-assets. The company did not specify whether it would cease support for other crypto firms.
“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”
Paysafe Spoksman
Binance to Stop UK Withdrawals & Deposits
On March 13th, 2023, Binance communicated a significant update to its UK customers. The leading cryptocurrency exchange announced it would discontinue processing GBP withdrawals and deposits for UK investors. This change went into effect on May 22, 2023.
A representative from Binance provided reassurances, emphasizing that this development is specific to GBP transactions.
“All other avenues for depositing and withdrawing fiat currencies, as well as buying and selling cryptocurrencies on Binance.com, will remain unaffected. Customers can still execute bank transfers using other supported fiat currencies and carry out transactions via credit or debit cards with confidence.”
Is it Safe to Keep Crypto on Binance in the UK?
Binance has become one of the most secure and reliable cryptocurrency exchanges globally. It employs advanced security protocols to ensure the safety of its users’ assets. However, it’s a universal best practice not to store significant amounts of crypto or fiat currencies on any centralized exchange for an extended period, whether it’s Binance, OKX, Kraken or any other.
The golden rule for crypto enthusiasts is to transfer assets to personal wallets or a bank account after trading. This practice isn’t a reflection of Binance’s trustworthiness but is a proactive measure to mitigate risks associated with potential security breaches, which can occur on any platform.
For those looking to bolster the security of their crypto assets, hardware wallets like Ledger Nano or Trezor offer an extra layer of protection. These wallets store your cryptocurrencies offline, making them inaccessible to online hackers. They are akin to personal safes for your digital assets, combining convenience with robust security.
If you’re exploring cost-effective options, software wallets like Exodus and Trust Wallet offer a blend of security and user-friendly interfaces for managing your cryptocurrencies. They provide a secure environment for your assets, ensuring you have immediate access whenever needed.
Binance UK Deposit & Withdrawal Fees
Binance is renowned for its competitively low fees, which often stand out compared to other exchanges that charge up to 4% or more. As a beginner in the world of crypto, it’s crucial to consider withdrawal and network fees, as high costs can quickly eat into your profits.
The fee you’ll pay when withdrawing crypto from Binance depends on the specific cryptocurrency you’re withdrawing rather than the amount of crypto involved in the transaction. It’s important to be aware that withdrawal fees may fluctuate based on factors like network congestion.
To stay up-to-date with the latest Binance withdrawal fees, be sure to check their website regularly or visit this link.
| Method | GBP Deposit Fee | GBP Withdrawl Fee |
|---|---|---|
| Instant Bank Payment | 0.5 GBP | 0.5 GBP |
| Bank Transfer (Faster Payments) | N/A | 1GBP |
| Bank Card(Visa/MC) | 1.80% | N/A |
| Bank Card (Visa) | N/A | 1.80% |
| Etana Account Balance | 0 | 0 |
| Bank Transfer (Faster Payments) | 1 GBP | N/A |
How Long do Binance Withdrawals Take?
The duration of Binance withdrawals is influenced by various factors, such as the cryptocurrency being withdrawn, withdrawal amount, and network congestion level. To reduce Binance withdrawal processing times, examining the network status of the cryptocurrency you intend to withdraw is important. During busy periods, particularly when the network is congested, it’s best to avoid withdrawing from Binance.
Here are some reasons why Binance withdrawals may take longer than expected:
- Withdrawal Limits: Binance may place daily or weekly withdrawal limits on specific cryptocurrencies or account levels. Withdrawals exceeding these restrictions may require manual processing, resulting in longer processing times.
- Network Congestion: Large transaction volumes or congestion on the network can cause withdrawal processing delays.
- Technical Difficulties: Like any other online platform, Binance may encounter technical issues or downtime, impacting withdrawal processing times.
- Security Checks: Binance may conduct additional security checks, such as manual reviews or user identity verification, particularly for large withdrawals or high-risk transactions. These procedures may lengthen processing times.
How to Withdraw GBP from Binance in the UK
The ability to withdraw money from your Binance account directly to your bank is temporarily paused for UK customers. Binance is actively trying to resolve this, and when they do, we will promptly inform you once normal service resumes. Meanwhile, we invite you to explore alternative methods available for UK crypto investors to access their funds on Binance.
Total Time: 10 minutes
1. Log into Binance
– To withdraw GBP from Binance, start by going to your Binance.com account.
2. Navigate to the ‘Wallet’ Tab & ‘Fiat and Spot’
– From the top of the Binance Home page, go to the Wallet tab and select ‘Fiat and Spot‘ from the dropdown menu.
3. Go to GBP to & Select ‘Withdraw’
– From the Fiat and Crypto Balance, navigate to ‘GBP Pound Sterling’ and choose ‘Withdraw‘.
4. Choose a Withdrawal Method to Withdraw GBP
– From the Binance withdrawal page, choose your withdrawal payment method.
In this example, we’re withdrawing to a Bank Card (Visa) with a transaction fee of 1.8%. However, the payment methods and fees may vary depending on the options available to you.
5. Enter the Withdrawal Amount in GBP
– Enter the amount of GBP you want to withdraw, or choose ‘Max‘ to withdraw all your fiat balance.
6. Add Beneficiary’s Information
– Add your bank card by choosing Add New Card and Continue, followed by your billing details. This step will vary depending on your payment method, as you might need to enter your account details for bank transfers.
7. Confirm Withdrawal from Binance
– When you are ready, select ‘Continue’. You may then be prompted to enter your 2-factor authentication method.
After the withdrawal confirmation, your Great British Pounds will reach your bank account, credit or debit card. Any withdrawals will be displayed under your Recent Withdrawal History.
How to Withdraw Crypto from Binance
Given the current suspension of GBP withdrawals and deposits for UK Binance users, exploring alternative methods to access and manage your assets is essential. Although fiat transactions are paused, the good news is that you can still withdraw and deposit your crypto assets without any issues. Here’s a simplified guide to help you navigate the crypto withdrawal process on Binance.
- Log In to Binance
- Start by logging into your Binance account.
- Go to Your Wallet
- Click “Wallet” and “Fiat and Spot” to view your crypto holdings.
- Select Your Cryptocurrency
- Choose the cryptocurrency you wish to withdraw.
- Initiate Withdrawal
- Click on “Withdraw” under the “Action” tab.
- Input Wallet Address
- Carefully enter the recipient’s wallet address in the “Address” field. Remember, crypto transactions are irreversible, so accuracy is crucial.
- Choose the Blockchain Network
- Select the appropriate blockchain network for your transaction.
- Enter Withdrawal Amount
- Specify the amount of cryptocurrency you want to withdraw.
- Verify Wallet Address
- Double-check the wallet address to avoid any errors.
- Receive Confirmation Code
- Click “Send Code” to get a confirmation code via email or SMS.
- Complete 2FA & Confirm Crypto Withdrawal.
- Provide the Binance Two-Factor Authentication code to finalize the withdrawal.
Conclusion
Binance for UK investors has been a challenging journey. With constant regulatory changes and evolving partnerships, UK crypto enthusiasts have had to adapt to a fluctuating landscape. UK crypto investors need to stay informed, as regulations can change quickly.
To mitigate risks, it is advisable not to rely solely on one crypto exchange. Additionally, it’s essential to remember that storing your digital assets on any exchange for long periods is not recommended. Instead, consider using secure wallets for the long-term storage of your crypto assets.
We hope you found our guide on withdrawing GBP from Binance UK useful. Please let us know if we have missed any updates or if anything is incorrect.
FAQs
Do UK banks allow their customer to use Binance?
It has become difficult to deposit or withdraw to Binance using UK banks due to the FCA. The FCA advised UK banks to block payments to and from crypto exchanges deemed high-risk. As a result, most UK banking providers have ceased transactions with Binance.
For UK-based investors seeking a crypto-friendly bank, refer to our guide on the best crypto-friendly banks in the UK to find the most suitable option for your needs.
Can I still withdraw GBP from Binance UK?
As of October 2023, UK Binance customers cannot withdraw GBP directly from Binance to their bank accounts. This restriction, implemented on May 22nd, 2023, is due to regulatory challenges and the suspension of Binance’s partnership with its local banking partner in the UK.
Has Binance suspended withdrawal in the UK?
Binance has temporarily suspended GBP withdrawals and deposits in the UK. However, UK users can still withdraw and deposit cryptocurrencies and use alternative methods to convert their crypto assets into fiat currency.
Can I withdraw GBP from Binance in the UK?
Due to the latest update (May 2023), withdrawing GBP directly from Binance is unavailable for UK users due to regulatory restrictions. Alternative methods include using cryptocurrency wallets or transferring crypto to other exchanges that allow GBP withdrawals.
How do I transfer money from Binance to my UK bank account?
Direct transfers of funds from Binance to UK bank accounts are suspended. However, UK users can still transfer their cryptocurrencies to other exchanges that support GBP withdrawals or use P2P trading on Binance to convert crypto to GBP and transfer it to their bank accounts.
