BINANCE RESUMES FIAT WITHDRAWALS VIA FASTER PAYMENTS IN UK

Last updated: June 19, 2025, 22:51 | Written by: Charlie Shrem

In a welcome turn of events for UK-based cryptocurrency enthusiasts, Binance, the world's largest crypto exchange by trading volume, has announced the resumption of British pound (GBP) withdrawals via the Faster Payments network.This development comes after a period of uncertainty and disruption for users who rely on this popular inter-bank payment platform for seamless fiat transactions. Binance resumes GBP deposits and withdrawals via bank transfer (Faster Payments) via Paysafe. to UK banks to let them know of our new payment rails as they mayFor many, the ability to quickly and easily move funds between their Binance accounts and UK bank accounts is crucial for participating in the dynamic cryptocurrency market. See full list on everybithelps.ioThe suspension of Faster Payments had created significant challenges, forcing users to explore alternative, often less convenient, methods for managing their GBP holdings on the platform. The exchange also clarified that only the GBP deposit and withdrawal functions via Faster Payments and card are affected and assured customers that the team is working hard to find anNow, with the restoration of this vital service, Binance aims to provide a more streamlined and efficient experience for its UK customers. You can now deposit and withdraw EUR and GBP via the SEPA payment network (SEPA) and Faster Payments Service (FPS) from the Binance website and App. Please note that SEPA and FPS only support deposThis move is not just about restoring functionality; it's about rebuilding trust and demonstrating Binance's commitment to serving the UK market despite regulatory hurdles and past challenges. As previously announced, our fiat partner, Skrill Limited, will stop offering GBP fiat services, namely deposits via Faster Payments and card, to Binance users. As a result, certain other GBP related services, such as spot trading and convert, will also stop being available to Binance users. Withdrawals via Faster Payments will remain available.What does this mean for you as a Binance user in the UK? The removal of both GBP payment channels on Binance for UK customers comes as the FCA issued a consumer warning relating to Binance Markets Limited, the crypto exchange s UK entity. While the FCA doesn t have a remit that would encompass banning Binance in the UK directly, the financial watchdog prohibited Binance Markets Limited fromLet's delve into the details of this exciting update.

The Return of Faster Payments: What You Need to Know

The restoration of Faster Payments for GBP withdrawals is a significant step forward for Binance's operations in the UK. Leading decentralized crypto exchange by trade volume Binance has restored British pound withdrawals using the Faster Payments network. On June 28, Binance uploaded a notice revealing that withdrawals via Faster Payments, a popular United Kingdom-based inter-bank payments platform, had been suspended for maintenance.This service allows users to transfer funds between their Binance accounts and UK bank accounts with remarkable speed, often within minutes. Customers in the UK cannot, for now, use Faster Payments, one of the most used fiat ramps for GBP deposits and withdrawals. Binance, the world s largest crypto exchange by trading volume, has suspended fiat deposits and withdrawals made to the exchange via UK-based payments provider Faster Payments, freezing out a significant number of itsThe previous suspension, initially announced on June 28th as ""maintenance,"" had left many users scrambling for alternative solutions.Now, let's examine what the return of Faster Payments means for you in practical terms.

Understanding Faster Payments

Faster Payments is a UK-based initiative designed to reduce payment times between different banks' customer accounts. GBP Bank Transfer via Faster Payments Service (FPS) - Common Issues Resolutions Note: Binance has no control over, and is not responsible for, any fees or charges for the deposit that their banks may charge, and users are advised to consult with their banks on any possible fees charged by their banks when performing the deposit.Unlike traditional bank transfers that can take several hours or even days, Faster Payments aims to process transactions within a matter of minutes.This speed and convenience have made it a popular choice for Binance users looking to quickly deposit or withdraw GBP. Faster Payment is a payment network service integrated via Paysafe, enabling users to deposit and withdraw fiat currencies via bank transfers. Daily Deposit and Withdrawal Limits and Fees for GBP (Faster Payments)The Faster Payments service leverages existing UK banking infrastructure to move funds.

The system is designed to be incredibly reliable and secure. Binance resumes fiat withdrawals via Faster Payments in UK Leading decentralized crypto exchange by trade volume Binance has restored British pound withdrawals using the Faster Payments network. OnThe payment rails are robust and heavily monitored by the financial institutions.This allows users to have peace of mind knowing their funds are being transferred safely and efficiently.

Why Was Faster Payments Suspended?

The temporary suspension of Faster Payments was initially attributed to ""maintenance."" However, broader issues surrounding Binance's regulatory compliance in the UK likely played a significant role. On June 28, Binance uploaded a notice revealing that withdrawals via Faster Payments, a popular United Kingdom-based inter-bank payments platform, had been suspended for maintenance.The Financial Conduct Authority (FCA), the UK's financial watchdog, had previously issued a consumer warning regarding Binance Markets Limited, Binance's UK entity.While the FCA doesn't have the power to directly ban Binance, its scrutiny has undoubtedly influenced the exchange's operations in the country.

Furthermore, Binance's fiat partner, Skrill Limited, had also ceased offering GBP fiat services, including deposits via Faster Payments and card, to Binance users.This compounded the challenges faced by users seeking to manage their GBP on the platform.The complexities of navigating the regulatory landscape and maintaining partnerships with payment providers have clearly impacted Binance's service offerings in the UK.

How to Use Faster Payments for GBP Withdrawals on Binance

Now that Faster Payments has been reinstated, it's crucial to understand how to utilize the service for GBP withdrawals.Here's a step-by-step guide:

Log in to your Binance account: Access your account through the Binance website or mobile app.
Navigate to the Wallet section: Find the ""Wallet"" or ""Funds"" section in your account dashboard.
Select ""Fiat and Spot"": This will display your balances in various fiat and cryptocurrency holdings.
Choose GBP: Locate your GBP balance and click on the ""Withdraw"" button.
Select ""Faster Payments"": You should now see Faster Payments as an available withdrawal method.If not, ensure your account meets all the requirements (see below).
Enter Withdrawal Details: Provide the necessary information, including your bank account number, sort code, and the amount you wish to withdraw.Double-check all details for accuracy!
Confirm the Transaction: You may be required to complete a two-factor authentication process for security purposes.
Monitor the Transaction: Check the status of your withdrawal in your transaction history.Faster Payments transactions are typically processed within minutes, but processing times can sometimes vary.

Important Considerations:

Account Verification: Ensure your Binance account is fully verified to the required level for GBP withdrawals.This typically involves providing proof of identity and address.
Bank Account Details: Double-check that the bank account details you provide are accurate and match the information associated with your Binance account.Incorrect details can lead to delays or failed transactions.
Withdrawal Limits: Be aware of any daily withdrawal limits that may apply to your account.These limits can vary depending on your verification level and account activity.
Fees: While Binance generally aims to keep fees low, it's always a good idea to check the current withdrawal fees before initiating a transaction.

Addressing Common Issues with Faster Payments

Even with the reinstatement of Faster Payments, users may occasionally encounter issues.Here's a troubleshooting guide to help you navigate potential problems:

Transaction Delays

While Faster Payments is designed to be fast, delays can sometimes occur.Here are some potential causes:

Bank Processing Times: Although Faster Payments is typically instant, some banks may have internal processing procedures that can cause delays.
System Overload: During peak times, the Faster Payments network may experience higher transaction volumes, leading to temporary delays.
Account Verification Issues: If your account verification is incomplete or there are discrepancies in your information, your withdrawal may be delayed.

What to do:

Check your transaction history: Monitor the status of your withdrawal in your Binance transaction history.
Contact Binance Support: If your withdrawal is significantly delayed, contact Binance support for assistance.
Contact your bank: If the issue appears to be on your bank's end, reach out to their customer service department.

Failed Transactions

A failed Faster Payments transaction can be frustrating.Here are some common reasons why transactions might fail:

Incorrect Bank Details: Providing incorrect bank account details or sort codes is a common cause of failed transactions.
Insufficient Funds: Ensure you have sufficient GBP in your Binance account to cover the withdrawal amount and any applicable fees.
Account Restrictions: Your account may have restrictions due to security concerns or compliance requirements.
Bank Restrictions: Your bank may have blocked the transaction due to suspected fraud or other security measures.

What to do:

Double-check your bank details: Verify that all bank account details are accurate.
Contact Binance Support: If you suspect an account restriction or other issue on Binance's end, contact their support team.
Contact your bank: If your bank has blocked the transaction, contact them to resolve the issue.

Daily Deposit and Withdrawal Limits

Binance imposes daily limits on both deposits and withdrawals to enhance security and comply with regulatory requirements.These limits can vary depending on your account verification level and trading activity.Ensure you are aware of your current limits before initiating a transaction.

You can find information about your specific limits in your account settings or by contacting Binance support.Understanding these limits is essential for planning your transactions effectively.

The Impact of FCA Scrutiny on Binance's UK Operations

The Financial Conduct Authority (FCA)'s scrutiny has significantly impacted Binance's operations in the UK.The consumer warning issued by the FCA regarding Binance Markets Limited has created a challenging environment for the exchange.This regulatory pressure has likely contributed to the temporary suspension of Faster Payments and the departure of fiat partners like Skrill.

While the FCA doesn't have the direct authority to ban Binance in the UK, its regulatory oversight and warnings have influenced the exchange's ability to operate smoothly.Binance has been working to address the FCA's concerns and demonstrate its commitment to regulatory compliance.The reinstatement of Faster Payments can be viewed as a positive step in this direction, signaling Binance's efforts to rebuild trust with UK regulators and users.

Binance's Ongoing Efforts to Enhance User Experience in the UK

Despite the challenges, Binance has been actively working to improve the user experience for its UK customers.The resumption of Faster Payments is a testament to these efforts.Binance is also exploring alternative payment solutions and working to enhance its compliance procedures.The company understands the importance of the UK market and is committed to providing a secure and reliable platform for cryptocurrency trading and investment.

This includes clear communication to its user base.Being transparent about any changes or issues concerning banking and fiat on/off ramps is crucial for the end-user.Binance has made strides in this area, but further improvement is always possible.

Exploring Alternative Payment Methods

While Faster Payments is a preferred option for many, it's always prudent to explore alternative payment methods.Binance supports various other options for depositing and withdrawing funds, including:

Bank Transfers: Traditional bank transfers are still an option, although they typically take longer to process than Faster Payments.
Credit/Debit Cards: Some users may be able to deposit funds using credit or debit cards, although this method may come with higher fees.
Other Payment Providers: Binance may partner with other payment providers in the future to offer additional options for fiat transactions.

Staying Informed About Binance's Services

It's essential to stay informed about any changes or updates to Binance's services in the UK.Here are some ways to stay up-to-date:

Binance Announcements: Regularly check the Binance website and app for official announcements and updates.
Social Media: Follow Binance's social media channels for the latest news and information.
Email Notifications: Subscribe to Binance's email notifications to receive updates directly in your inbox.

What Does the Future Hold for Binance in the UK?

The future of Binance in the UK remains somewhat uncertain, given the ongoing regulatory scrutiny.However, the reinstatement of Faster Payments suggests that Binance is committed to operating within the UK's regulatory framework and providing a valuable service to its users.The exchange will likely need to continue to adapt to the evolving regulatory landscape and demonstrate its commitment to compliance.Its relationship with Paysafe will be critical as well.

Whether Binance can fully regain the trust of UK regulators and users remains to be seen.However, the resumption of Faster Payments is a positive step in the right direction.With continuous efforts to communicate openly with users, improve security, and innovate its service offering, Binance should be able to maintain a strong presence in the UK market for years to come.

FAQ: Binance and Faster Payments in the UK

Q: Is Binance legal in the UK?

While Binance is not directly banned in the UK, the Financial Conduct Authority (FCA) has issued a consumer warning regarding Binance Markets Limited, the exchange's UK entity.This means that while UK residents can still use Binance, they should be aware of the potential risks and exercise caution.

Q: Why was Faster Payments suspended on Binance?

The suspension of Faster Payments was initially attributed to maintenance.However, broader issues surrounding Binance's regulatory compliance in the UK and the departure of fiat partners likely played a significant role.

Q: How long does a Faster Payments withdrawal take on Binance?

Faster Payments withdrawals are typically processed within minutes, although processing times can sometimes vary depending on bank processing times and system load.

Q: Are there any fees for using Faster Payments on Binance?

Binance generally aims to keep fees low, but it's always a good idea to check the current withdrawal fees before initiating a transaction.Fees are typically displayed on the withdrawal confirmation page.

Q: What are the daily withdrawal limits for GBP on Binance?

Daily withdrawal limits vary depending on your account verification level and trading activity.You can find information about your specific limits in your account settings or by contacting Binance support.

Conclusion: Faster Payments Return – A Win for UK Binance Users

The resumption of Binance's GBP withdrawals via Faster Payments in the UK is undoubtedly a positive development for its user base.This restoration not only streamlines fiat transactions but also signals Binance's commitment to serving the UK market despite facing regulatory challenges.The convenience and speed of Faster Payments make it a crucial service for users who actively engage in cryptocurrency trading and investment.By understanding how to effectively use Faster Payments, addressing potential issues, and staying informed about Binance's services, UK users can maximize their experience on the platform.Key takeaways are the restoration of quick GBP withdrawals, the need to stay updated on any future regulatory changes, and the importance of verifying your account.Binance is back on track in the UK - are you ready to get back to trading?