Due to regulatory obstacles, Binance has stopped allowing new customers in the UK to deposit or make withdrawals in British pounds (GBP). On May 22, the service will be terminated for all users.
Changpeng Zhao’s Binance is suspending fiat services in the UK just one week after banning its Russian users from accessing its peer-to-peer (P2P) service to trade the US dollar and euro due to new European Union sanctions on Russia.
According to individuals with immediate knowledge of the situation, Paysafe, Binance’s fiat partner that manages GBP deposit and withdrawal services through the UK’s Faster Payments and card deposits, has announced plans to suspend the services starting on May 22 due to regulatory uncertainty surrounding cryptocurrencies in the country.
In light of this, Binance has stopped allowing new customers to deposit or withdraw in GBP as of March 13. From May 22, existing customers will no longer be able to use the service.
Recently, Binance has experienced its fair share of controversy. For instance, the company pulled out of the acquisition of CoinDesk. The exchange, however, continues to dominate the market.
As of this writing, the native BNB coin of Binance is the fourth-largest cryptocurrency in the world. BNB is currently trading at $313.53, up more than 8% over the past week.
