Binance suspended British Pound deposit and withdrawals for new users on March 13
Confirmed by Binance crypto slate We have announced that we will be suspending deposits and withdrawals in GBP for new users on March 13th.
In an emailed statement on March 14, a Binance spokesperson said that its fiat currency partner for deposits and withdrawals in British Pounds, Paysafe, will not be providing services to the exchange after May 22. said.
For this reason, Binance said it will suspend GBP deposits and withdrawals for new users on March 13th and will suspend these services for all users by May 22nd.
The exchange did not provide a timeline for resuming these services, but said it would ensure affected users can continue to access their GBP balances.
A spokesperson said:
“This change affects less than 1% of Binance users. However, we recognize that these services are highly rated by our users and our team is working hard to find an alternative solution. We will be sharing updates on this as soon as possible.”
Binance announced in February that it had temporarily suspended US dollar bank transfers for users.
Since then, U.S. financial regulators have acquired several crypto-friendly banks, including Signature Bank and Silicon Valley Bank, citing systemic risks to the broader economic environment.
Why did Paysafe abandon Binance?
Reuters report Skrill, a unit of Paysafe that works directly with Binance, said the current UK regulatory environment has made it difficult for it to serve cryptocurrency exchanges. Skrill added:
“This is a prudent decision with due diligence.”
Similar to their US counterparts, UK authorities are working to tighten regulations on crypto-related activities within their jurisdiction. In January, the UK Parliament extensively debated the need for cryptocurrency regulation in its first parliamentary debate of the year.
Meanwhile, Binance’s operations in the country have also come as a surprise to the country’s financial regulators. In 2022, the UK’s Financial Conduct Authority (FCA) raised concerns about one of its exchange partnerships in the country.
A Paysafe spokesperson confirmed Skrill’s statement. The company is happy to continue working with Binance in other regions such as Europe and Latin America, he added.
(Updated with Paysafe’s comment. )
