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Binance Halt Sterling Transfers Due to U.K. Regulation

Binance will halt its sterling deposits and withdrawals due to the challenging U.K. regulatory environment for cryptocurrency, with sterling transfers for new users stopped as of Monday and no details provided on the number of clients impacted.

Binance logo
Binance logo

Binance, the world's largest cryptocurrency platform, has announced that it will halt its sterling deposits and withdrawals. The announcement came after Binance received notice from its partner for sterling transfers, Paysafe, that it would be halting its services from May 22, affecting all Binance customers.

New Sterling Transfers Stopped for Binance Customers

Sterling transfers for new users were stopped on Monday, according to a Binance spokesperson. The spokesperson added that Binance would ensure that affected users could access their GBP balances. However, the company did not provide specific details on the number of clients impacted by the change.

Paysafe Halts Services Due to U.K. Regulatory Environment

Paysafe did not immediately respond to a request for comment. However, a spokesperson for Skrill, a Paysafe unit that works with Binance, told Decrypt that the U.K. regulatory environment about cryptocurrency is too challenging to offer services now. This cessation of sterling transfers comes after Binance suspended all dollar bank transfers last month amid U.S. authorities' growing crackdown on cryptocurrencies.

U.K. Financial Watchdog Lacks Powers to Stop Binance

Britain's financial watchdog, the Financial Conduct Authority, warned consumers in June 2021 that Binance was not permitted to offer services regulated by Britain. However, the watchdog stated it lacked the powers to stop Binance from accessing the Faster Payments network via Paysafe.