Binance suspends sterling transfers

Binance halted British pound deposits and withdrawals. For new users, the rule has already come into force since March 13. For all others, such transactions will be unavailable from May 22. This was reported by the representatives of the company.

Binance explained that it is due to the fact that the exchange’s banking partner Paysafe has halted its services from sterling transfers. The company said that the U.K. regulatory environment in relation to crypto is too challenging to offer this service.

At the same time, Paysafe noted that the British part of their business with Binance is small, and that it will continue to cooperate with the crypto exchange in other European countries, as well as in Latin America.

Currently, the Binance team is actively working to find an alternative solution for users affected by the new rules. The representatives of the exchange noted that the changes will affect less than 1% of clients.

Paysafe’s refusal to work with Binance in the U.K. is caused by the deteriorating conditions for crypto companies in the country. Earlier, two British banks tightened conditions for retail customers, prohibiting the purchase of cryptocurrency via credit cards.

But the UK authorities announced their intention to turn the country into a leader in the crypto sphere. The government is going to develop and implement a new policy to regulate digital currencies. Binance stated that they welcome the intentions of the country’s authorities, since effective and adequate regulation is necessary for the mass adoption of cryptocurrencies.

Earlier, Binance suspended U.S. dollar transfers, but the cessation does not apply to Binance.US.