Binance to suspend GBP deposits/withdrawal

[OmegaStarScream]

Binance announced yesterday[1] that they are suspending GBP deposits and withdrawals in May for their existing users. (effective immediately for new users though).

They also had to suspend their USD swift transfers a few weeks ago.

Your thoughts? with crypto-friendly banks collapsing, and others refusing to serve exchanges, where do you think we're headed?

[1] https://www.coindesk.com/business/2023/03/13/binance-gbp-funding-onoff-ramp-to-be-suspended-in-may/

[1713988008]

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[bitmover]

Your thoughts? with crypto-friendly banks collapsing, and others refusing to serve exchanges, where do you think we're headed?

I just read the payment processor is blaming UK regulations

According to reports, Paysafe blamed a tightening U.K. regulatory environment for digital assets for its decision to quit Binance.https://coingeek.com/binance-delists-british-pound-after-payments-provider-bails/

There is fear everywhere.
War. Banks going bankrupt

People are moving their savings to bitcoin in this chaotic scenario, as bitcoin just reached 26ka few hours ago, nearly 20% gains in 2 days.

I believe we will see a lot more banks going bankrupt, companies closing doors and unemployment will raise if those interest keep rates climbing new high

[OpenCEX]

It’s not too much of a problem and it shouldn’t last long. As they say: “the change will affect less than 1% of users, and the exchange is working to find an alternative solution.”

[NeuroticFish]

It’s not too much of a problem and it shouldn’t last long. As they say: “the change will affect less than 1% of users, and the exchange is working to find an alternative solution.”

Sorry, but I'm not buying it. This is a message meant to calm people and it's more often a lie than not. Plus I think that they've used this line not long ago for another problem.


While I have my doubts they'll restore this as soon as they promise, Binance clearly wants people still deposit and withdraw; it's part of the business.
And if deposits and withdrawals were possible in the days there were fewer crypto-friendly banks than now, .. they'll find a solution.

The question is: how stable will be the new partner bank. Another question is: how long until all will be back to normal? Both are hard to answer.

[dkbit98]

Your thoughts? with crypto-friendly banks collapsing, and others refusing to serve exchanges, where do you think we're headed?

I think this is related with their partner Skrill is not supporting GBP currency anymore, so this could affect other centralized exchanges and services that use Skrill.
We shouldn't care so much what Binance is doing, but it's obvious this is just one more attempt from regulators to make life difficult for people who want to exchange Bitcoin for fiat.

Meanwhile, decentralized exchange Bisq supports most fiat currencies including GBP and this can't be suspenfed
https://bisq.markets/market/btc_gbp

[LeGaulois]

It’s not too much of a problem and it shouldn’t last long. As they say: “the change will affect less than 1% of users, and the exchange is working to find an alternative solution.”

Sorry, but I'm not buying it. This is a message meant to calm people and it's more often a lie than not. Plus I think that they've used this line not long ago for another problem.


While I have my doubts they'll restore this as soon as they promise, Binance clearly wants people still deposit and withdraw; it's part of the business.
And if deposits and withdrawals were possible in the days there were fewer crypto-friendly banks than now, .. they'll find a solution.

The question is: how stable will be the new partner bank. Another question is: how long until all will be back to normal? Both are hard to answer.

If Coinbase is able to serve UK customers, why Binance couldn't do it too.

The thing is Binance doesn't do the things right. For exemple, they acquired a firm in 2020 to act as its UK subsidiary and named it Binance Markets Ltd. Few months later, the FCA issued a warning for not having the relevant permissions to operate in the country
https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group

It's true in the UK, the agencies are quite bothering with CEXs, but if companies don't follow the regulations, it won't help.
Adding the fact here with PaySafe that decided to stop making business with Binance... the result is normal.

[OmegaStarScream]

I think this is related with their partner Skrill is not supporting GBP currency anymore, so this could affect other centralized exchanges and services that use Skrill.
-snip-

I'm only aware of two other exchanges that use Paysafe (the company behind Skrill and Neteller):

- BitPanda. Apparently, they're still supporting GBP for both skrill and Neteller. I even reached out to them asking if they are going to suspend the deposits and withdrawals as Binance did, but they refused to comment and said if there is any news, they'll let the users know.

- Paybis. They have both Skrill and Neteller, but it doesn't look like they support GBP. I reached out to the support as well, and they said they haven't got any information about the matter, so they also can't comment.

[NeuroticFish]

If Coinbase is able to serve UK customers, why Binance couldn't do it too.

The thing is Binance doesn't do the things right.

You're right. I knew and I know that. However, currently the banks tend to look worse than Binance and they do need the extra money, so - sooner or later - one will turn a blind eye to Binance's fishy behavior. Of course, it will take time, as I already said, but it's most probably not impossible to find a partner bank.

Please don't imply that I would believe that Binance is rock solid. I don't know, maybe it is, maybe it's not. But they do their best to leave the impression they are solid enough.

[OmegaStarScream]

So it's apparently not going well for Binance. The same partner (Paysafe) who decided to no longer support Binance's GBP transfers, is now doing the same thing for the EUR (SEPA) transfers[1] (starting 25th of September).

This really makes me curious as to what the problem could be here especially when there are other exchanges (as I mentioned above) that are using the same partner.

https://www.coindesk.com/business/2023/06/28/binance-eur-banking-partner-to-halt-support-of-the-crypto-exchange-in-september/

[examplens]

So it's not going well for Binance. The same partner (Paysafe) who decided to no longer support Binance's GBP transfers, is now doing the same thing for the EUR (SEPA) transfers[1] (starting 25th of September).

This really makes me curious as to what the problem could be here especially when there are other exchanges (as I mentioned above) that are using the same partner.

Obviously, many things are going against Binance. I have thought for a long time that some kind of campaign is being conducted to reduce the dominant position that this exchange has.
What doesn't work for them is that many of their users are not serious supporters of centralized exchanges, so this type of campaign is tacitly tolerated.

[DaveF]

So it's not going well for Binance. The same partner (Paysafe) who decided to no longer support Binance's GBP transfers, is now doing the same thing for the EUR (SEPA) transfers[1] (starting 25th of September).

This really makes me curious as to what the problem could be here especially when there are other exchanges (as I mentioned above) that are using the same partner.

Obviously, many things are going against Binance. I have thought for a long time that some kind of campaign is being conducted to reduce the dominant position that this exchange has.
What doesn't work for them is that many of their users are not serious supporters of centralized exchanges, so this type of campaign is tacitly tolerated.

OR, and I'm just putting this out there. Other places are more legit then Binance and Paysafe is looking at them and planning to get as far away from them as quickly as their contract allows.
Too many places leaving them and they are leaving too many places to be just anything else. Their refusal to open their books to regulators just screams something is wrong.

Remember, it's not a conspiracy or campaign against them if there are legitimate reasons for things to be happening.

-Dave

[LeGaulois]

If you check what happened the last 3-4 weeks:

- USA with the SEC
- In the Netherlands, fired. no licence so go out.
- In France, an investigation by the AMF since last year but we leaned abour it a few days ago
- In Canada, same story as in the Netherlands,
- Germany, refuse the licence
- Belgium don't want Binance

Just in a few days, and everything started with the SEC. So either all the countries decided to wake up at the same time, and I have no problem with that since I'm all for a justice. But it's strange that this is happening so quickly.

Adding a few bank partners to the receipt and voilà.

Well, if it's a conspiracy, it's a good one

There could also be political reasons behind it, as well as strategy economic ones.

[examplens]

If you check what happened the last 3-4 weeks:

- USA with the SEC
- In the Netherlands, fired. no licence so go out.
- In France, an investigation by the AMF since last year but we leaned abour it a few days ago
- In Canada, same story as in the Netherlands,
- Germany, refuse the licence
- Belgium don't want Binance

However, there are also countries that Binance refuses 
Binance has decided to withdraw its application for an operational license with the Financial Market Authority of Austria.

Well, if it's a conspiracy, it's a good one

There could also be political reasons behind it, as well as strategy economic ones.

I am personally of the opinion that it is an economic strategy, although this can also be classified as a conspiracy. "Attacks" come from many different sides and Binance is criticized for things that are also present in other exchanges.

[LeGaulois]

Yeah right, but Binance isn't saying the full story to people. The company failed to obtain the VASP License in Austria so they decided to withdraw its application. If you fail, you give up and move on.
The FMA financial supervisory authority didn't want them so no license given. And with no license, Binance is an illegal refugee there. They were already operating without it since the begining.

Bitpanda has the VASP license in Austria and it didn't have a problem to get it, I guess. Why? Because they're fine.
Which means there is something not right with Binance, and Austria is not the only country to think the same (Be, De, US, Ca think the same)

Binance is perhaps the most urgent company to halt its expansion. The others will no doubt follow later. If this is not the case, it really is a question of economic strategy on the part of the USA.
Americans are very vicious.
Perhaps the same things with the European countries but that will be surprising knowing they can be dump sometimes. When USA talk, EU shuts up and follow

[Darker45]

If you check what happened the last 3-4 weeks:

- USA with the SEC
- In the Netherlands, fired. no licence so go out.
- In France, an investigation by the AMF since last year but we leaned abour it a few days ago
- In Canada, same story as in the Netherlands,
- Germany, refuse the licence
- Belgium don't want Binance

Just in a few days, and everything started with the SEC. So either all the countries decided to wake up at the same time, and I have no problem with that since I'm all for a justice. But it's strange that this is happening so quickly.

Adding a few bank partners to the receipt and voilà.

Well, if it's a conspiracy, it's a good one

There could also be political reasons behind it, as well as strategy economic ones.

I think it's not really the SEC that started it all. Neither is this a case of all countries suddenly waking up simultaneously. This has long been a pattern of Binance's fate in many countries. It's not because of the US SEC; it's because of how Binance conducts its business.

We take note that Binance withdrew from Canada around a month before the SEC filed a lawsuit against Binance and CZ. Furthermore, Binance has been struggling with UK's FCA for years now. It also faced similar problems in Australia. It was also blocked from Italy. Binance was also kicked out from Japan. It was also compelled to shut down its Singapore operation. Binance also faced a criminal complaint in Thailand. It was also banned in Malaysia. The list goes on.

And it's not because of something initiated by the US; it's simply because Binance operates illegally, gets caught, attempts to register and submit to regulatory policies, and then they either succeed or they pack up and leave.

[Synchronice]

It's true in the UK, the agencies are quite bothering with CEXs, but if companies don't follow the regulations, it won't help.
Adding the fact here with PaySafe that decided to stop making business with Binance... the result is normal.

I do agree that Binance is not a honest company and more likely belongs to shady ones but there is a thing that I don't understand in the UK. Why are there tons of HYIPs based in London, UK? Why do they let these companies to register there and open offices, get license and so on?

So it's not going well for Binance. The same partner (Paysafe) who decided to no longer support Binance's GBP transfers, is now doing the same thing for the EUR (SEPA) transfers[1] (starting 25th of September).

This really makes me curious as to what the problem could be here especially when there are other exchanges (as I mentioned above) that are using the same partner.

Obviously, many things are going against Binance. I have thought for a long time that some kind of campaign is being conducted to reduce the dominant position that this exchange has.
What doesn't work for them is that many of their users are not serious supporters of centralized exchanges, so this type of campaign is tacitly tolerated.

Honestly, it looks like the USA hates Asian businesses and Asian CEOs and does everything to vanish them (Binance, TikTok). The USA orders Nvidia and AMD to stop selling AI chips to China. Both of them have Asian CEOs, but it hasn't ordered the same to IBM, Intel or Alphabet, these corporations don't have Asian CEOs btw.

[LeGaulois]

@Darker45

I admit I've forgotten everything that happened before, so thank you for the historical background.
So if we look back, your opinion is correct and what we're seeing is just one wave among many

@Synchronice
I remember ~15 years back, you could open a company for ~30£ in GB, and it was possible to do it online. As for the offices, it's virtual office that you pay 10$ per month to company like Regus

The usual USA v China war.
That's what I thought at first, but when I saw Europe doing the same thing, it didn't make sense to me.

I hate Europe but for the first time in my life I'm glad, seeing them throwing binance out.
I may become Pro-Europe later   

[Synchronice]

That's what I thought at first, but when I saw Europe doing the same thing, it didn't make sense to me.

I hate Europe but for the first time in my life I'm glad, seeing them throwing binance out.
I may become Pro-Europe later   

I think that most of the time, Europe does what America demands. And in terms of technological progress, some countries, like Germany, are way back compared to some 3rd countries. I wouldn't rule out that EU hates tech progress so much that they are throwing Binance because of that Rarely 5G, still have to pay with cash in Bus instead of cards, oh shit!

Btw why do you hate Europe? It's not really bad, I think EU people underestimate the benefits their country offers to them cause they haven't lived outside in poor countries.
I would love to move in a country that's mixture of EU and the USA and they speak English there Probably my best bet is Canada but I'm afraid they aren't doing well lately and Australia is amazing but I would get OCD and nightmares if I were to frequently see poisonous animals.

[bbc.reporter]

On the regulators of Germany's refusal to approve Binance's application for license, there are many clickbait headlines being created behind this. Binance can still operate in Germany but it only cannot advertise in the country.

There is no impact on the users' ability to deposit, withdraw, buy or sell.



As of February 2023, Binance had as many as 2 million German users, per Wirtschaftswoche, which makes the exchange one of the biggest platforms in the country. Moreover, even if Binance doesn’t have a license in Germany, technically users can still navigate and use the exchange.

Source https://decrypt.co/146699/germanys-bafin-rejects-binance-crypto-custody-license-report

[EmpoEX]

If you check what happened the last 3-4 weeks:

- USA with the SEC
- In the Netherlands, fired. no licence so go out.
- In France, an investigation by the AMF since last year but we leaned abour it a few days ago
- In Canada, same story as in the Netherlands,
- Germany, refuse the licence
- Belgium don't want Binance

Just in a few days, and everything started with the SEC. So either all the countries decided to wake up at the same time, and I have no problem with that since I'm all for a justice. But it's strange that this is happening so quickly.

Meanwhile, another news related to SEC Coinbase seeks dismissal of SEC suit, claims extraordinary abuse of process 29th June

SEC to present response to Coinbase’s legal defense on July 13 30th June.

Even though this is not a new case, still worth following. Coinbase started to closing users accounts without explaining anything to their users.
https://bitcointalk.org/index.php?topic=5457383.0