binance can't convert usdt to gbp

Binance's suspension of GBP withdrawals in June 2023, due to payment partner verification, temporarily hindered the conversion of USDT to GBP within the platform.

Nov 02, 2024 at 07:20 pm

Why Can't Binance Convert USDT to GBP?

1. Suspension of GBP Withdrawals

In June 2023, Binance temporarily suspended GBP withdrawals due to issues with its payment partner. This resulted in the inability to convert USDT to GBP within the platform.

2. Payment Partner Verification

Binance's payment partner, Clear Junction, was conducting regulatory checks and verifications. This process took several weeks, delaying the resumption of GBP withdrawals.

3. Currency Volatility

The GBP experienced significant volatility during this period, further complicating the conversion process. Binance needed to ensure that the exchange rates were stable and accurate before resuming conversions.

4. Fraud Prevention

Binance implemented additional fraud prevention measures to protect its users against potential scams and unauthorized conversions. This resulted in additional checks and delays.

5. Compliance with Regulations

Binance is a licensed and regulated crypto exchange. It must comply with strict anti-money laundering and know-your-customer (KYC) regulations. This can involve identity verification and transaction monitoring, which can slow down conversion processes.

6. Wallet Maintenance

As part of its ongoing security measures, Binance regularly performs wallet maintenance. During these periods, conversions may be temporarily unavailable.

7. Server Overload

Due to high user demand and trading activity, Binance's servers can experience temporary overloads. This can lead to slow conversion times or temporary outages.

8. Technical Difficulties

Occasionally, technical glitches or software updates can disrupt the conversion process. Binance's engineering team works promptly to resolve any issues.

Updates:

• June 2023: GBP withdrawals suspended
• July 2023: Payment partner verification completed
• August 2023: Resumption of GBP withdrawals and USDT-to-GBP conversions
• Onward: Continuous monitoring and maintenance of the GBP conversion service