Binance will stop depositing and withdrawing funds in pounds for British customers
Cryptocurrency exchange Binance will stop depositing and withdrawing funds in British pounds for customers from the UK
The exchange's banking partner, Paysafe has stopped supporting local currency transactions for Binance customers, citing a too-complex approach to cryptocurrencies by UK regulators
Binance has stopped depositing and withdrawing funds in British pounds for new users from the UK since March 13, for other users from this country the functions will be available until May 22, according to Bloomberg. This is due to the fact that Binance's banking partner Paysafe stopped supporting transactions in British currency for exchange customers, citing the too-complex approach of UK regulators to cryptocurrencies.
Paysafe, a provider of payment services, said it would stop providing one of its products to Binance customers in the U.K., without specifying whether it would also stop supporting other cryptocurrency platforms.
At the same time, the Binance team is working hard to find an alternative solution for users affected by these changes, an exchange representative told the publication.
Earlier this month, two British banks, Nationwide Building Society and HSBC Holdings tightened restrictions for retail customers to buy cryptocurrencies, banning them from buying them using credit cards.
At the same time, London says it intends to make the country a leader in the crypto industry and create conditions for the operation and development of cryptocurrency companies in the UK. The UK authorities intend to introduce a new set of measures to regulate the crypto industry, the country's Treasury Department is already finalizing the new rules, their public discussion should be completed by April 30.
When the department made the rules available for public consultation, Binance said it welcomed the U.K. government's action because it believes in the need for effective and appropriate regulation for the mass adoption of digital assets.
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