Binance customers located in the UK will find themselves unable to deposit or withdraw in sterling on the platform. And for good reason, its partner Paysafe has decided to stop offering its services due to an overly complicated regulatory context on British soil.
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Binance’s business disrupted in the UK
Binance, the largest cryptocurrency exchange in the world, informed its UK users that they would no longer be able to withdraw or deposit funds in sterling on the local platform, whether by credit card or bank transfer.
So, as of Monday, new Binance users located in the UK no longer have access to these features. Concerning users already registered on the platform, they will be able to continue to benefit from it until the deadline of May 22.
Through a press release, Paysafe cited an unclear regulatory context in the UK to continue to offer this type of service :
“We have concluded that the UK cryptocurrency regulatory environment is too difficult to offer this service at present and we prefer to take this decision on the side of caution. »
Binance, however, ensures to carry out the necessary so that platform customers are able to find these services as quickly as possible. The real challenge will be to find a new partner ready to offer its services in the midst of an environment more than ever unfavorable to cryptocurrencies in Great Britain.
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Other services offered by Binance are not affected by the newaccording to an exchange spokesperson:
“In the meantime, all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on Binance.com are unaffected, including bank transfer using any of the other fiat currencies. supported by Binance, and buying and selling crypto directly through a credit or debit card. »
Binance nevertheless specifies that the share of customers affected by this case does not exceed 1% of its total customers. Same story for Paysafe, which said the UK share of its deal with Binance was weak..
Note also that outside of England, Paysafe will continue to provide its services to Binance without incident.. This is just a small-scale decision.
👉 Related – Would Binance expand its media empire?
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Source: Bloomberg
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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