On March 13, the Binance cryptocurrency exchange introduced a ban on depositing and withdrawing funds in British pounds for new users. All other customers are expected to be affected from May 22.
According to a representative of Paysafe, a financial partner of Binance, the UK regulatory framework for digital currencies is too complex to allow them to provide such services, so the decision was made for reasons of financial and legal security of payments. The platform will continue to work with Binance in Europe and Latin America.
It is believed that changes in the policy will affect less than 1% of users. In addition, Paysafe reported that the impact on their business in connection with this issue is minimal.
Earlier this year, Binance introduced the payment company Bifinity, which is the official provider of both fiat and digital currency payments.
