Binance has said that it is halting cryptocurrency withdrawals and deposits for customers in the UK.
According to the firm, its partner which earlier facilitated withdrawals and deposits has opted out of their agreement.
Paysafe had earlier said that UK’s crypto ecosystem was too challenging for it to operate.
“Paysafe, our fiat partner that provides GBP deposit and withdrawal services via bank transfers (Faster Payments) and via card (card deposit) to Binance users, has advised us that they will no longer be able to provide these services from May 22nd, 2023,”
“These GBP deposit and withdrawal services will be suspended from 3 pm on March 13th, 2023 for new users. On May 22nd, 2023 these services will be suspended for all Binance users.” the firm said in a statement.
Binance added that it has commenced the process of seeking a suitable replacement following the decision which affects less than 1 percent of its customers.
