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.
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.
🎁 Cryptoast Research Launch Offer
1st Newsletter Free with the code TOASTNL
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?
Trade stocks or cryptos
A €20 action offered when you register 💰
Source: Bloomberg
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
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
624 items
