The world’s largest cryptocurrency exchange, Binance on Monday halted British pound deposits and withdrawals for new customers.
Withdrawal for all customers will end on 2 May.
This comes after its local banking partner, Paysafe said it will no longer offer the service in light of U.K. regulations
“We have concluded that the U.K. regulatory environment in relation to crypto is too challenging to offer this service at this time and so this is a prudent decision on our part taken in an abundance of caution,” Paysafe said in a statement on Tuesday.
Binance said the change impacts less than 1% of its users, who will still be able to access their balances
“In the meantime, all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on Binance.com remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance, and buying and selling crypto directly via credit or debit card,” a spokesperson told multiple news outlets
In 2021, Binance temporarily suspended British pound transfers after the U.K. Financial Conduct Authority said the exchange wasn’t permitted to operate in the country. Its bank transfer service resumed through Paysafe in February 2022.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
