Binance halts deposits and withdrawals in pounds sterling

Binance halted deposits and withdrawals in pounds sterling for new users as of March 13. For all others, the ban will take effect on May 22, according to The Block.

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“We have concluded that the regulatory framework in the United Kingdom for cryptocurrencies is too complex to offer such a service, and therefore this is a prudent decision on our part, taken due to serious concerns,” said a spokesperson for Paysafe, the platform’s financial partner.

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The firm will continue to work with Binance in Europe and Latin America.

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The exchange estimated that the decision would affect less than 1% of users. Paysafe also said that the impact on the company’s business was ‘not significant’.

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Binance launched the company Bifinity, which it positioned as the official payments provider for fiat and digital currencies.