Binance was informed by its partner for GBP transfers, Paysafe, that it would discontinue its services from May 22, the spokesperson said, affecting all of the firm’s clients. British currency transfers for new users stopped on Monday, he said.
Binance will stop your deposits and withdrawals in sterling, a company spokesman said Tuesday, a month after the exchange ceased dollar transfers.
Binance was informed by its partner for transfers in pounds, Paysafethat would interrupt its services as of May 22the spokesman said, affecting all of the firm’s clients. British currency transfers for new users stopped on Monday, he said.
“Binance will make sure that affected users can continue to access their sterling balancesthe spokesperson said, adding that the change “affects less than 1% of Binance users.”
The largest cryptocurrency platform in the world, with more than 128 million customersdid not give details about the number of users that the measure will affect.
Paysafe did not immediately respond to a Reuters request for comment. The company offers the service through British payment network Faster Payments, which also had no immediate comment.
The cessation of transfers in pounds, first reported by crypto news outlet The Block, comes after Binance last month suspended all dollar bank transfersamid a growing crackdown on cryptocurrencies by US authorities.
A spokesperson for Skrill, the unit of Paysafe that works with Binance, told cryptocurrency website Decrypt that “the UK regulatory environment in relation to cryptocurrencies is too challenging to offer this service at this timeSo this is a prudent decision on our part taken in an abundance of caution.”
Britain’s financial watchdog said last year that lacked powers to prevent Binance from accessing the fast payment network through PaySafe.
Source: Ambito
