The world‘s largest cryptocurrency exchange Binance (Binance) pointed out on Tuesday (14th) that it has now stopped deposits and withdrawals in British pounds.
According to a Reuters report on the 14th, Paysafe, a multinational payment company and a partner of Binance, said that it will suspend services from May 22, affecting all users of Binance who will not be able to deposit and withdraw British pounds. Binance said that new users have been unable to transfer funds in British pounds since Monday (13th).
A spokesperson for Binance said that it will ensure that affected users can still access their GBP balances, noting that the suspension affects less than 1% of users and that the company is working hard to find an alternative solution. In addition, Binance did not announce more details and the exact number of affected users. Binance currently has more than 128 million customers.
Last month, Binance suspended all U.S. dollar bank transfers amid a growing crackdown on cryptocurrencies by U.S. authorities. According to previous reports from Reuters, the U.S. Department of Justice is still investigating whether Binance is involved in money laundering and other matters. A senior Binance executive revealed to foreign media last month that Binance is expected to pay the fine to resolve the U.S. investigation of the company.
According to the Wall Street Journal, Paysafe stated that “the regulatory environment in the UK related to cryptocurrencies is too challenging to provide this service at this stage”. But the company added that it will continue to work with Binance in Europe and Latin America.
further reading
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