Recently, the Financial Conduct Association (FCA) in the United Kingdom, clamped down on Binance, one of the world’s largest cryptocurrency exchanges by volume, banning them from carrying out regulated activity in the UK. 

This came after Binance withdrew its application to register with the FCA as a licenced cryptocurrency asset firm back in May 2021, because the firm didn’t meet the necessary anti-money laundering requirements. 

Prudent investors, seeking some level of assurance for the safety and security of their bitcoin and cryptocurrency, have chosen to move their crypto assets to local registered exchanges and custodians. 

And, of course, that includes Gravity! 

So, if you’re looking to do the same, and move your bitcoin from Binance, you can do so by following these simple steps below. 

5 Simple Steps to Send Your Bitcoin from Binance to Gravity 

The following steps are based on using the Binance app, and steps or screenshots may differ on the browser version. Please refer to Binance FAQs for more detailed instructions

  1. Log in to your Binance application 
  2. Select BTC
  3. Click on Withdraw 
  4. Enter Gravity BTC wallet address 
  5. Confirm the transaction 

Let’s go through each step in a little more detail. 

1.  Log in to your Binance app and click on Wallets in the bottom right-hand corner of the screen. 

Binance - Wallet

2.  Next, from the Coin List shown, select BTC. Note: BTC is the only cryptocurrency offered by Binance that Gravity can accept as a direct deposit.

Binance - BTC

3.  Now, click on the Withdraw option. 

Binance - Withdraw

At this point, you’ll want to log in to your Gravity account, navigate to Investments > Bitcoin Core and then click on Deposit. This will show your BTC wallet address. Scroll down just below the QR code, and copy the long-form address. It’ll look something like this: 1MsptxXLx1tt2xxRSdLxxkV3k1QxxCPZ87x. 

4. Paste this address into the Address bar on the Withdraw BTC page in your Binance app, select BTC under network, enter the amount you’d like to send and click on the Withdraw button. 

Binance - Withdraw Address

5. Depending on your settings and account status, additional confirmation, such as multi-factor authentication may be required to complete the transaction request. 

Once broadcast to the BTC network, you’ll receive a notification on Gravity that you have a pending incoming BTC transaction. Like most cryptocurrency wallets and exchanges, we require 3 confirmations on the network before the balance becomes available in your account. Depending on the demand and speed of the network, this can take anywhere from a few minutes to several hours to complete. 

And that’s it! 

Your bitcoin will now safely be stored in your Gravity account, in deep-cold storage, of course, ready for you to trade when you like.

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