- Binance has resumed bank deposits and withdrawals for EU and UK users
- The exchange bad pulled the service just weeks after launching it last year
- Some UK banks have banned users from sending funds to Binance
Binance has resumed GBP and EUR bank deposits and withdrawals eight months after it halted them. The exchange, which has been testing a new payment processor, Paysafe, announced the resumption of the service yesterday, ending the headaches that had endured for users after Binance launched the service early last year, only to pull it months later just as UK authorities were taking a closer look at them.
Binance Was Forced to Pull Bank Withdrawals
Binance began to offer EU and UK users bank and debit card withdrawals at the start of last year, eradicating the need for users to transfer their coins to the likes of Coinbase and Uphold to get funds into their banks. Not only did this add a layer of friction to the entire enterprise, but the process was more expensive than the average Binance transaction, sometimes up to 10x the cost.
However, with several UK banks stopping account holders from sending funds to Binance, the exchange halted withdrawals to both banks and credit cards in June after just a few months’ operation. This suspension followed increased interest from the UK’s financial regulator the Financial Conduct Authority, who were doing their best to stop anyone using the exchange.
New Payment Processor Offers Second Chance
Binance has spent the time since trying to find a payment processor that will handle its UK and EU deposits and withdrawals and finally found one in Paysafe. Debit card withdrawals quietly came back a few weeks ago, but, much to affected users’ delight, the ability to deposit and withdraw through SEPA and faster payments has now resumed:
#Binance fully reopens $EUR and $GBP bank transfer via SEPA and Faster Payments. https://t.co/fmFpPgneHw
— Binance (@binance) March 7, 2022
Hopefully this time round the service will last longer than a few weeks and users can have an easy and cheap off-ramp for the long term.