Crypto exchange Binance to halt sterling transfers
Binance is halting its sterling deposits and withdrawals, a company spokesperson said on Tuesday, a month after the world’s largest crypto exchange ceased dollar transfers.
Binance has been informed by its partner for sterling transfers, Paysafe, that it would halt its services from May 22, the spokesperson said, impacting all Binance customers.
Sterling transfers for new users were stopped on Monday, it said.
“Binance will ensure that affected users are still able to access their GBP balances,” the spokesperson said, adding that the change “affects less than 1% of Binance users.”
Binance, which has more than 128 million customers, did not give details on the number of clients the move would impact. The company is working to find an “alternative solution” for sterling transfers, the spokesperson said.
The cessation of sterling transfers, first reported by crypto news outlet The Block, is the latest obstacle for Binance in accessing traditional currencies. Binance last month suspended all dollar bank transfers amid a growing crackdown on crypto by U.S. authorities.
This report’s information was first seen on REUTERS; to read more, click this link.
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