Binance suspends GBP transfers after crypto crackdown

The World’s largest exchange is expected to suspend UK withdrawals amid increasing crypto scrutiny. Therefore, British customers of the world’s biggest cryptocurrency exchange will be unable to withdraw their money from the platform within months.

Binance has been forced to suspend withdrawals to British bank accounts following pressure from regulators on the cryptocurrency giant’s payment provider.

The regulatory environment made it very challenging to process payments for the business and would shut it off in May. Binance told customers this week that Paysafe would no longer handle card transactions and bank transfers in sterling from May 22. It has suspended the services for new users from Monday.

The move will effectively leave no way for customers in Britain to withdraw pounds from the platform to their bank accounts after that date, although it is understood that the companies are working on a way to keep some payments flowing.