A month after suspending dollar transactions, a company spokesperson revealed that Binance had also halted sterling deposits and withdrawals.
Binance’s sterling trading partner Paysafe has announced that it will suspend services after May 22, which will greatly affect all Binance clients.
The suspension of sterling transactions began on Monday.
Binance is responsible for making affected users able to access their GBP accounts again, and the change will affect less than 1% of Binance users.
Binance, an exchange with more than 128 million users, did not disclose specific details about the number of customers affected. The company is actively working on alternative ways to resolve this issue.
The cessation of sterling transfers is a new challenge for Binance to access traditional currencies. Binance halted all dollar banking transactions last month amid a large-scale crypto crackdown by US authorities.
The Justice Department is also investigating Binance, run by billionaire CEO Changpeng Zhao, for money laundering. A senior Binance official stated that Binance expected to pay the fines imposed on the company in order to resolve the investigation launched by the US.
The company does not disclose its financials, and the Binance.com exchange is mostly hidden from the public.
Britain’s financial watchdog said it had no legal right to block Binance’s access to the fast payment network through Paysafe.
The phenomenal growth of bitcoin
Bitcoin is the first and largest cryptocurrency, with a market capitalization of over $390 billion. Bitcoin allows for secure, flexible, and low-cost transactions.
BTC’s stability is due to its high value status and wide acceptance.
Additionally, Bitcoin is gaining widespread acceptance, with major companies like Tesla and PayPal accepting it as payment. This increased adoption is expected to increase demand for BTC, further enhancing its market position as a stablecoin.
