Market Cap: $2.7457T -0.200%
Volume(24h): $47.8597B -37.720%
Fear & Greed Index:

22 - Extreme Fear

  • Market Cap: $2.7457T -0.200%
  • Volume(24h): $47.8597B -37.720%
  • Fear & Greed Index:
  • Market Cap: $2.7457T -0.200%
Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos
Top Cryptospedia

Select Language

Select Language

Select Currency

Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos

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

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Related knowledge

What are the reasons why Coinbase cannot buy cryptocurrency?

What are the reasons why Coinbase cannot buy cryptocurrency?

Mar 16,2025 at 12:06pm

Key Points:Coinbase's inability to purchase cryptocurrency can stem from various user-side issues, including account restrictions, payment method problems, and insufficient funds.Technical glitches on Coinbase's platform, regional restrictions, and regulatory compliance measures can also prevent users from buying crypto.Understanding the specific reason...

How do domestic users trade OTC on OKX?

How do domestic users trade OTC on OKX?

Mar 15,2025 at 05:21am

Key Points:OKX's OTC (Over-the-Counter) trading service facilitates peer-to-peer cryptocurrency transactions, bypassing traditional exchanges.Domestic users face challenges due to regulatory restrictions in various countries. OKX's OTC service might not be fully accessible or legal depending on your specific location.The process involves finding a selle...

How do domestic users use the DApp browser on OKX?

How do domestic users use the DApp browser on OKX?

Mar 16,2025 at 05:25am

Key Points:OKX doesn't directly offer a dedicated DApp browser in the traditional sense. Instead, it integrates DApp access through its existing platform.Users primarily interact with DApps through links provided by OKX or by connecting their OKX wallet to supported DApps directly.Security is paramount when using DApps, so understanding the risks and ve...

How do domestic users view transaction history on OKX?

How do domestic users view transaction history on OKX?

Mar 15,2025 at 06:51am

Key Points:OKX provides a detailed transaction history accessible through its website and mobile app.Accessing the history requires logging into your verified OKX account.The transaction history displays various details, including timestamps, asset pairs, amounts, and fees.Users can filter and search their transaction history for specific trades.Downloa...

How do domestic users withdraw cash on OKX?

How do domestic users withdraw cash on OKX?

Mar 15,2025 at 04:26pm

Key Points:OKX doesn't directly support fiat withdrawals for all regions. Users must utilize third-party services or P2P trading to convert cryptocurrency to fiat currency.The specific methods available depend on the user's location and the chosen cryptocurrency.Understanding KYC/AML regulations is crucial for successful withdrawals.Security best practi...

How do I bind a bank card to my account of OKX?

How do I bind a bank card to my account of OKX?

Mar 15,2025 at 11:50am

Key Points:OKX doesn't directly support bank card binding for fiat currency deposits.Deposits are made through third-party payment providers integrated with OKX.The process varies depending on your region and chosen payment method.Security is paramount; always use reputable payment providers and verify transactions.Understanding fees and processing time...

What are the reasons why Coinbase cannot buy cryptocurrency?

What are the reasons why Coinbase cannot buy cryptocurrency?

Mar 16,2025 at 12:06pm

Key Points:Coinbase's inability to purchase cryptocurrency can stem from various user-side issues, including account restrictions, payment method problems, and insufficient funds.Technical glitches on Coinbase's platform, regional restrictions, and regulatory compliance measures can also prevent users from buying crypto.Understanding the specific reason...

How do domestic users trade OTC on OKX?

How do domestic users trade OTC on OKX?

Mar 15,2025 at 05:21am

Key Points:OKX's OTC (Over-the-Counter) trading service facilitates peer-to-peer cryptocurrency transactions, bypassing traditional exchanges.Domestic users face challenges due to regulatory restrictions in various countries. OKX's OTC service might not be fully accessible or legal depending on your specific location.The process involves finding a selle...

How do domestic users use the DApp browser on OKX?

How do domestic users use the DApp browser on OKX?

Mar 16,2025 at 05:25am

Key Points:OKX doesn't directly offer a dedicated DApp browser in the traditional sense. Instead, it integrates DApp access through its existing platform.Users primarily interact with DApps through links provided by OKX or by connecting their OKX wallet to supported DApps directly.Security is paramount when using DApps, so understanding the risks and ve...

How do domestic users view transaction history on OKX?

How do domestic users view transaction history on OKX?

Mar 15,2025 at 06:51am

Key Points:OKX provides a detailed transaction history accessible through its website and mobile app.Accessing the history requires logging into your verified OKX account.The transaction history displays various details, including timestamps, asset pairs, amounts, and fees.Users can filter and search their transaction history for specific trades.Downloa...

How do domestic users withdraw cash on OKX?

How do domestic users withdraw cash on OKX?

Mar 15,2025 at 04:26pm

Key Points:OKX doesn't directly support fiat withdrawals for all regions. Users must utilize third-party services or P2P trading to convert cryptocurrency to fiat currency.The specific methods available depend on the user's location and the chosen cryptocurrency.Understanding KYC/AML regulations is crucial for successful withdrawals.Security best practi...

How do I bind a bank card to my account of OKX?

How do I bind a bank card to my account of OKX?

Mar 15,2025 at 11:50am

Key Points:OKX doesn't directly support bank card binding for fiat currency deposits.Deposits are made through third-party payment providers integrated with OKX.The process varies depending on your region and chosen payment method.Security is paramount; always use reputable payment providers and verify transactions.Understanding fees and processing time...

See all articles

User not found or password invalid

Your input is correct