For example, if you live in the US, you need to sell the cryptocurrency in USD. Alternatively, you can click on “Transaction History” on the left sidebar of your fiat and spot wallet. After you’ve confirmed the withdrawal, the “Security Verification” pop-up will open. Once you’re done entering your card information, click on “Add card” to add your card.

After you’ve clicked on “Add New Card”, proceed to the next step to learn how to add a new card. If this is your first time making a withdrawal, you need to add a new card. After you’ve clicked on “Fiat and Spot”, you’ll land on your fiat and spot wallet. The first step is to navigate to your fiat and spot wallet on Binance.

Once you click on the ‘Submit’ button, Binance will prompt you to confirm the transaction and authorise it through the 2FA security function. If you can use more than one transfer network, you may consider the network fees as well. For alternative ways to get to the ‘Fiat and Spot’ page, refer to the section withdrawing fiat from Binance above. We hope you found our guide on withdrawing GBP from Binance UK useful. Please let us know if we have missed any updates or if anything is incorrect.

Additionally, it’s essential to remember that storing your digital assets on any exchange for long periods is not recommended. Instead, consider using secure wallets for the long-term storage of your crypto assets. As a result, Binance partnered with Paysafe, a UK-regulated company, to enable deposits and withdrawals through the SEPA payment network and Faster Payment Services (FPS). However, whether the exchange can find another partner to help restore its services in the UK remains uncertain. Using a multicurrency account offers a workaround for the GBP withdrawal challenge.

To withdraw from Binance to Coinbase, first, you need to retrieve your unique address on Coinbase. Select “send/receive,” go to the “receive” tab and pick which asset you want to transfer. There you’ll get your unique address for that specific cryptocurrency. As of October 2023, UK Binance customers cannot withdraw GBP directly from Binance to their bank accounts. This restriction, implemented on May 22nd, 2023, is due to regulatory challenges and the suspension of Binance’s partnership with its local banking partner in the UK. To mitigate risks, it is advisable not to rely solely on one crypto exchange.

You should easily find your way to the fiat withdrawal page from our previous sections. If not, just scroll back up and revisit the first two steps of how to transfer funds from Binance via the SWIFT channel. Before we continue, it’s worth pointing out that not all payment cards can be used to withdraw fiat funds from Binance. Only Visa cards with the Fast Funds (Visa Direct) feature enabled can be used. If your Visa card does not have the feature, contact your card provider.

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1. However, it can be slow, typically taking about four business days to process a transfer.
2. You can do this by copying (or scanning the QR code) the “Receive” address.– Also, select the network you want to use for the withdrawal.
3. Binance’s peer-to-peer (P2P) marketplace – the P2P platform enables its users to trade with one another, exchanging crypto against crypto or fiat.

Either we will cover both options for you in this beginner’s guide. For other payment methods like SWIFT, it can take 1 to 4 business days for your money to arrive in your bank account. To withdraw money from Binance to your bank account, you need to go to your fiat and spot wallet. The “Instant card withdrawals” method allows you to instantly withdraw money from your fiat wallets to your debit or credit card. The exchange supports over 60 fiat currencies and several payment methods.

#1. Withdraw Fiat Currency from Binance via SWIFT

After logging into your Binance account, go to the “Wallet” tab, select “Withdraw,” and choose the fiat currency you wish to withdraw. Opt for the “Debit Card” withdrawal method, enter your card details, specify the withdrawal amount, and follow the prompts to complete the transaction. Binance ensures a secure and swift process for users to access their funds. Withdrawing funds from your Binance account to your bank account is straightforward. Binance, one of the world’s leading cryptocurrency exchanges, ensures that this process is secure and efficient for every user. Binance, one of the largest cryptocurrency exchanges globally, offers a spot wallet where users can hold various cryptocurrencies.

How to Withdraw from Binance to a Bank Account & Wallet 2024

You have now successfully withdrawn your fiat balance to your third-party account. Now that you have added a new Visa card, you can select it from the previous stage and click [Continue] to proceed to the next step. The right side will automatically populate the appropriate form fields to fill, i.e., the card details and the amount. One of your supported Visa cards will materiality principle in accounting: definition be preselected, but you can change which card to use by clicking on the card number to reveal other available options.

How long does a Crypto withdrawal from Binance take?

Check out some third-party services; they might have lower fees than Binance. For Bitcoin, I recommend the Material Bitcoin cold wallet, one of the most secure and user-friendly options in the market, with a 100-year warranty. By the way, if you also use Coinbase, you can check out my comprehensive guide on how to withdraw from Coinbase. Alternatively, visit the ‘Overview’ page by selecting ‘Overview’ under the ‘Wallet’ link on the main navigation.

However, UK users can still withdraw and deposit cryptocurrencies and use alternative methods to convert their crypto assets into fiat currency. While this development poses a challenge, it also opens up an opportunity to explore other efficient and secure methods of withdrawing GBP from Binance. European users can easily withdraw from Binance by logging into their account, selecting the “Wallet” tab, and choosing the “Withdraw” option. Users can then select their preferred fiat currency and withdrawal method, including bank transfer and other local options available in Europe.

If you end up on the crypto withdrawal page shown below, just click on the ‘Withdraw Fiat’ button on the top right side. On the top of this page, just below the navigation bar, is the withdraw button. For UK-based investors seeking a crypto-friendly bank, refer to our guide on the best crypto-friendly banks in the UK to find the most suitable option for your needs. This was due to the termination of Binance’s relationship with local banking partner Paysafe, which ended on the 22nd of May, 2023. Although Binance is working on resolving this issue, UK customers can still not withdraw and deposit fiat via their platform.