FAQs
In particular, the exchange is unable to find an FCA authorized partner that can accompany it in reestablishing its presence in the UK. Within the country, starting from October 2023, Binance had to suspend the processing of new registration requests, precisely in an attempt to comply with current regulations.
What is the regulatory issue of Binance? ›
In June 2023, the SEC initiated legal action against Binance and its former CEO, Changpeng Zhao, accusing them of violating U.S. securities laws by operating an unregistered exchange and failing to adhere to AML regulations.
Why can't I withdraw from Binance UK? ›
The relationship with their local payment processor partner ended in mid-2023, reportedly due to regulations in the UK becoming much more strict. As a result, depositing and withdrawing Pounds (GBP) from Binance has become more challenging recently.
What is the issue with Binance compliance? ›
The SEC alleges Binance.US has not fully complied with information requests regarding customer assets. The U.S. Securities and Exchange Commission (SEC) has accused Binance.US, the American arm of the global cryptocurrency exchange, of failing to provide adequate information.
Is Binance still safe to use in UK? ›
Binance, the world's largest cryptocurrency exchange, will stop accepting new customers in the UK. The company announced the move on Monday in compliance with new Financial Conduct Authority (FCA) regulations restricting promotion from digital asset firms in the UK which came into effect on 8 October.
Is there a problem with Binance right now? ›
User reports indicate no current problems at Binance.
Why is Binance blocked in the US? ›
On November 21, 2023, a US judge convicted Binance on multiple charges—including violations of the Bank Secrecy Act, money laundering schemes, unlicensed money transmitting, and sanctions violations.
Is Binance under trouble? ›
Binance's Legal Battles and Compliance Challenges
Binance has faced numerous legal issues, including: Alleged regulatory violations. Non-compliance with securities laws. Challenges adapting to evolving regulatory standards.
What is the controversy with Binance? ›
In January 2023, Binance notified Zanmai and another affiliate of Zanmai that they were required to withdraw funds from a number of Binance cryptocurrency wallets (which included WazirX user funds). As Mr. Shetty accepts in his sworn affidavits, his team withdrew the funds.
Are UK banks accepting Binance? ›
As of 2023, many UK high street banks are blocking payments to and from major cryptocurrency exchanges such as Binance and Coinbase due to increased security concerns post the collapse of the FTX exchange.
How to Withdraw Money from Binance to Your Bank Account
- Log in to Binance: Access your Binance account by logging in. ...
- Choose Your Currency: Select the fiat currency (e.g., USD, EUR, GBP) you want to withdraw. ...
- Select Payment Method: ...
- Security Verification: ...
- Wait for Processing: ...
- Check Your Bank Account:
Can you withdraw GBP from Binance 2024? ›
Deposit and Withdraw EUR and GBP via SEPA and Faster Payments Service (FPS) 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 deposit and withdrawal from personal accounts.
What is the risk in Binance? ›
You acknowledge that any Security Breach may result in unauthorised access to your Binance Account by third parties and the loss or theft of any Digital Assets and/or funds held in your Binance Account and any associated accounts, including your linked bank account(s) and credit card(s).
Is Binance in legal trouble? ›
In November, Binance agreed to pay a $4.3 billion settlement to the U.S. government, including a forfeiture of $2.5 billion and a fine of $1.8 billion. Former Binance CEO Changpeng Zhao was charged with violating the Bank Secrecy Act and agreed to step down.
Has Binance been suspended? ›
To the frustration of Nigerian users, Binance and several other cryptocurrency firms have been suspended in the country in recent weeks including Coinbase, Kraken, Forextime, OctaFX, Crypto and FXTM in an attempt to halt the slide of the naira.
Is Binance UK the same as Binance us? ›
Can I use regular Binance in the US? No. Due to regulatory restrictions, US residents are not allowed to use the global Binance platform. Instead, US residents should use Binance.US — a platform designed specifically for American regulatory requirements.
What's going on with Binance? ›
What is happening with Binance? The SEC lawsuit explained. According to a lawsuit filed by the US SEC, Binance and its founder have mishandled funds and violated US securities laws.
Why does Binance not work in US? ›
Binance has implemented restrictions for U.S. residents due to compliance reasons, which led to the creation of Binance.US. However, keep in mind that while Binance.US shares the Binance brand, it's managed by a different company, BAM Trading Services, allowing it to adhere to U.S. regulations. Per Binance.