Binance suspends GBP transactions in UK due to Paysafe

Binance to Temporarily Suspend Some Operations in UK

Binance, the world's largest cryptocurrency exchange, may decrease slightly in the near future. The platform announced a complete suspension of deposits and withdrawals in pounds for customers in the UK. This move is a response to the decision of the payment operator Paysafe, which announced the end of cooperation with the popular exchange.

Binance suspends UK deposits and withdrawals

“We have concluded that the UK regulatory environment for cryptocurrencies is too harsh for us to continue to offer our cryptocurrency services,” the Paysafe group said in a statement sent to UK customers.

As a result, Binance has suspended all Pound (GBP) deposits and withdrawals for new UK customers. It was also added that a similar restriction will be imposed, also on existing customers, but only from May 22.

The exchange notes that the proportion of customers using Paysafe to make fiat deposits and withdrawals in the UK is "small". Binance estimates it to be less than one percent of users. This does not mean, however, that the platform has already completely deleted customers from the UK. It's quite the opposite. It intends to work to find a solution and restore GBP deposits.

“We know these services are highly valued by our UK users and our team is constantly working hard to find an alternative and long term solution for them. We will share updates in this regard – admitted a Binance spokesperson in an interview with The Register.

It is also worth noting here that all other forms of deposits for UK customers are and will remain available. The exchange therefore has no intention of withdrawing its services from the United Kingdom.

British banks impose restrictions on their customers

Sticking to the UK and banking theme, NatWest will allow its customers to transfer as little as £1,000 ($1,200) per day or £5,000 per month to cryptocurrency exchanges. The bank explains its decision with concern to prevent fraudsters from extorting funds. Similar limits have already been introduced by such banking institutions as Lloyds and HSBC.

“We have seen an increase in cryptocurrency exchange scams and we are working hard to protect our customers,” said Stuart Skinner, a banking fraud specialist at NatWest.