Pound Sterling Halted on Binance
Binance, the world’s largest cryptocurrency exchange, has announced that it will be halting its sterling deposits and withdrawals. This decision comes just a month after the company ceased dollar transfers. According to a spokesperson from Binance, the company’s partner for sterling transfers, Paysafe, has informed them that it will halt its services from May 22, which will affect all Binance customers.
As of Monday, sterling transfers for new users have already been stopped, the spokesperson said. This move will undoubtedly impact Binance’s user base in the UK, as customers will no longer be able to deposit or withdraw funds in pounds.
Binance has been facing increased regulatory scrutiny in recent months, with several countries around the world cracking down on cryptocurrency exchanges. The UK’s Financial Conduct Authority (FCA) has also issued a warning to Binance, stating that it is not authorized to carry out regulated activities in the country.
In response, Binance has said that it is committed to complying with all regulatory requirements and working with authorities to ensure the safety of its users’ assets. The company has also taken steps to improve its compliance practices, such as implementing know-your-customer (KYC) procedures and restricting access to its services for users in certain countries.
Despite these efforts, the company’s decision to halt sterling transfers may be seen as a setback in its efforts to gain regulatory approval and improve its reputation. It remains to be seen how long the suspension of sterling transfers will last and what impact it will have on Binance’s user base in the UK.
Binance’s decision to halt sterling transfers is another indication of the challenges facing cryptocurrency exchanges in terms of regulatory compliance. As governments around the world continue to scrutinize the sector, companies like Binance will need to work closely with regulators and take steps to improve their compliance practices in order to gain the trust of users and regulators alike.