Finance freezes UK deposits and withdrawals due to ‘difficult’ regulation

Binance customers in the UK cannot make deposits or withdrawals in sterling on the platform. For good reason, its partner Paysafe has decided to stop offering its services on British soil due to the highly complex regulatory environment.

The business of finance in England was disrupted

Binance, the world’s largest cryptocurrency exchange, Information Its UK users can no longer withdraw or deposit money in sterling At the local platform, credit card or bank transfer.

Therefore, as of Monday, new Binance users in the UK will not have access to these features. As for users who have already registered on the platform, they can continue to benefit from it until May 22.

Through a press release, Paysafe cites the unclear regulatory environment in the UK for continuing to offer this type of service :

“We have concluded that the UK cryptocurrency regulatory environment currently makes it too difficult to offer this service and we wish to make this decision with caution.”

However, finance ensures implementation of the necessary So that platform customers can find these services as soon as possible. The real challenge will be finding a new partner willing to offer its services amidst the unfavorable environment for cryptocurrencies in Great Britain.

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Other services offered by Binance will not be affected by the new oneAccording to an exchange spokesperson:

β€œMeanwhile, all methods of depositing and withdrawing other fiat currencies and buying and selling crypto on will remain unaffected, including bank transfers using other fiat currencies. Credit or Debit Card. Β»

However, Binance notes that the share of customers affected in this case did not exceed 1% of its total customers. It’s the same story for Paysafe, which said the UK part of its deal with Finans was weak..

Also note that outside the UK, Paysafe will continue to offer its services to Binance.. This is a small scale result.

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Source: Bloomberg

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