Binance Suspends Pound Deposits and Withdrawals Due to Regulatory Environment

Reasons for the “strict regulatory environment”

Major cryptocurrency exchange Binance has announced that it will suspend deposits and withdrawals in the British pound. New users will start on March 13th, and existing users will start on May 22nd.

Paysafe, which also provides sterling payment services to Binance, is citing the tightening cryptocurrency regulatory environment in the UK as the reason for its termination. This comes after the UK government proposed stricter rules for cryptocurrency trading and investment in February this year.

Binance explained that less than 1% of users will be affected.

Paysafe will also continue its partnership with Binance in Europe (excluding the UK) and South America.

connection: U.S. Congressman sends a letter to Binance, requesting information on regulatory compliance, etc. by 16th