- The reason was the breakup of partnership with Paysafe
- GBP operations are no longer available for new customers
- Registered accounts will be able to transfer fiat until May 22
Crypto exchange Binance suspend replenishment and withdrawal of deposits in pounds sterling. This rule has been in effect for all new customers since yesterday. Registered users will be able to use transfers until May 22.
The reason was the termination of cooperation with the Paysafe provider:
“Our fiat partner Paysafe, which provides GBP deposits/withdrawals through bank cards and transfers, has informed us that it will not be able to provide such services from May 22, 2023”– a Binance representative comments on the situation to CoinDesk reporters.
The exchange added that it is now looking for an alternative solution (most likely, we are talking about new providers). And the change itself will affect less than 1% of platform users. Binance also reminded that they offer a number of other methods for depositing and withdrawing funds, both in fiat and in cryptocurrencies.
Recently, US and UK banks have begun avoiding dealing with crypto companies. And there are good reasons for this. Thus, the British regulator has tightened the rules for supervision of providers that serve crypto payments. And the IMF directly threatens banks that the spread of cryptocurrency will harm them.
In the US, the risk of forced bank closures is added to the persecution of regulators – as happened with Signature.