Binance, the world's leading cryptocurrency exchange, has announced that users in the UK will no longer be able to withdraw or deposit sterling funds on the local platform, starting next Monday. The decision comes after Paysafe, the payment service provider that facilitated deposits and withdrawals on the platform, cited the complexity of the UK regulatory environment. Existing users will be able to continue using these functions until May 22.
The CZ exchange has assured users that it is working to find a new partner to offer the same services, although the company has not committed to a timeline for resumption. The exchange has noted that its other services, including deposits and withdrawals of other fiat currencies, as well as the buying and selling of cryptocurrencies, will not be affected.
"We have come to the conclusion that the UK cryptocurrency regulatory environment is too difficult to offer this service at present and we prefer to take this decision with caution," Paysafe.
According to a Binance spokesperson, the other services offered by the exchange platform have not been affected by the decision to suspend sterling deposits and withdrawals in the UK. Deposit and withdrawal methods for other fiat currencies, as well as buying and selling cryptocurrencies on Binance.com, will reportedly continue to be accessible to users. This also includes bank transfer using any other Binance-backed fiat currencies, as well as buying and selling cryptocurrencies directly through a credit or debit card.
Paysafe has also confirmed that the UK's participation in its agreement with Binance was limited and that it will continue to provide its services without interruption outside the country. The complexity of the regulatory environment for cryptocurrencies in the UK has been cited by several companies as a barrier to offering services in the country.
