Binance is halting its sterling deposits


Binance is halting its sterling deposits

A month after suspending dollar transactions, a company spokesperson revealed that Binance had also halted sterling deposits and withdrawals.

Binance’s sterling transaction partner, Paysafe, has announced that it will suspend services after May 22nd, greatly impacting every Binance customer.

The sterling transaction suspension started on Monday.

Binance is responsible for affected users being 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 on the number of customers affected. The company is actively working on alternative ways to solve this problem.

The cessation of sterling transfers is a new challenge for Binance to access traditional currencies. Binance stopped all dollar banking transactions last month amid US authorities’ large-scale crypto crackdown.

The Justice Department is also investigating Binance, led by billionaire CEO Changpeng Zhao, for money laundering. A senior Binance official stated that Binance expected to pay the fines imposed on the company to resolve the US-initiated investigation.

The company does not disclose its finances, and the 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 payments network through Paysafe.

The phenomenal growth of bitcoin

Bitcoin is the first and largest cryptocurrency, with a market cap of over $390 billion. Bitcoin enables secure, flexible and low-cost transactions.

BTC’s stability is due to its high status of value and its widespread acceptance.

Additionally, Bitcoin is gaining mainstream acceptance, with significant companies like Tesla and PayPal accepting it as payment. This increased adoption is expected to increase demand for BTC, further advancing its market position as a stable cryptocurrency.

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