Binance halts GBP deposits and withdrawals in the UK

Binance has suspended British pound (GBP) deposits and withdrawals for new users in the UK due to regulatory bottlenecks. The service will be discontinued for all customers on May 22.

Barely one week after banning its Russian customers from using its peer-to-peer (P2P) service to trade the US dollar and euro due to fresh European Union sanctions on Russia, Changpeng Zhao’s Binance is ending fiat services in the UK.

Per sources close to the matter, Binance’s decision to halt the service stems from the fact that Paysafe, its fiat partner that handles GBP deposit and withdrawal services through the UK’s Faster Payments and card deposits, has revealed plans to suspend the services from May 22, due to regulatory uncertainties surrounding crypto in the country.

Against that backdrop, Binance has suspended GBP deposit and withdrawal services for new users since March 13. Existing customers will no longer enjoy the service from May 22. 

Binance faced its fair share of controversies recently. for instance, the company backed out of a CoinDesk acquisition deal. However, the exchange is still maintaining its market dominance.

At the time of writing, Binance’s native BNB token is the world’s 4th-largest cryptocurrency. BNB is exchanging hands for $313.53, up over 8% in the last seven days.