Crypto exchange Binance is halting sterling deposits and withdrawals after Paysafe, its partner for the service, cut it off.
In an email to customers, Binance says it will suspend sterling deposits and withdrawals via card and Faster Payments from 22 May, according to Finextra.
The exchange says the move has been forced by Paysafe subsidiary Skrill’s decision to stop offering fiat services. Binance says it is working to find an alternative to Paysafe but a partner could be hard to come by.
Less than one per cent of Binance customers are affected and those that are can still access their GBP balances.
The sterling news comes shortly after Binance had to suspend all dollar bank transfers and amidst growing regulatory scrutiny of the exchange in the wake of the FTX collapse.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
