Binance suspended British Pound deposit and withdrawals for new users on March 13

Binance confirmed to CryptoSlate that it suspended the British Pounds deposit and withdrawals for caller users connected March 13.

In a March 14 emailed statement, a Binance spokesperson said its fiat spouse for the British Pounds deposit and withdrawals, Paysafe, would nary longer connection the exchanges its services from May 22.

Due to this, Binance said it suspended GBP deposits and withdrawals for caller users connected March 13 and would halt these services for each users by May 22.

The speech did not supply a timeline for restarting these services. However, it stated that it would guarantee affected users could inactive entree their GBP balances.

The spokesperson said:

“This alteration affects little than 1% of Binance users. However, we cognize that these services are valued by our users and our squad is moving hard to find an alternate solution for them. We volition stock updates connected this arsenic and erstwhile we are able.”

In February, Binance said it temporarily suspended US Dollar-denominated slope transfers for its users.

Since then, U.S. fiscal regulators person taken over respective crypto-friendly banks similar Signature Bank and Silicon Valley Bank due to the fact that of their systemic hazard to the broader economical landscape.

Why is Paysafe ditching Binance?

Reuters reported that Skrill — Paysafe’s portion moving straight with Binance — said the existent UK regulatory situation made it challenging to connection its services to the crypto exchange. Skrill added:

“This is simply a prudent determination connected our portion taken successful an abundance of caution.”

Like its U.S. counterparts, the UK authorities are moving connected increasing their regulations of crypto-related activities wrong their jurisdiction. In January, the UK parliament extensively debated the request for crypto regulations successful their archetypal parliamentary statement of the year.

Meanwhile, Binance’s cognition successful the state has besides drawn consternation from fiscal regulators successful the country. In 2022, UK’s Financial Conduct Authority (FCA) expressed concerns astir 1 of the exchange’s partnerships successful the country.

Paysafe has yet to respond to CryptoSlate’s petition for remark arsenic of property time.

The station Binance suspended British Pound deposit and withdrawals for caller users connected March 13 appeared archetypal connected CryptoSlate.