Binance has announced that it will temporarily suspend GBP deposits and withdrawals for new users starting on March 13th and for all users starting on May 22nd. The move comes after payment partner Paysafe announced that it will no longer be able to provide these services.

In an email statement, Binance stated that Paysafe, which provides GBP deposit and withdrawal services via bank transfer and card for Binance users, has informed them that they will no longer be able to provide these services as of May 22nd. However, users can still access their GBP balances.

While the exchange estimates that only a maximum of 1% of its customers will be affected, it is working to find a replacement solution. Users can still deposit and withdraw other fiat currencies as well as buy and sell cryptocurrencies normally on Binance.com.

Binance first added GBP trading pairs in 2020, before launching its trading platform in the UK. At that time, UK citizens could easily convert fiat currency into cryptocurrencies via Binance Jersey, an exchange established to serve the UK and French markets with low fees. In June 2021, the UK Financial Conduct Authority (FCA) issued a notice to users that Binance Markets Limited and its parent company, Binance Group, were not allowed to conduct any “regulated financial activities” in the UK.

As a result, users were unable to use GBP or euro to deposit money into their accounts. However, last year, Binance began supporting GBP and euro again through its partnership with Skrill, a subsidiary of Paysafe.

Last week, Paysafe, which is listed on the NYSE under the symbol PSFE, reported its fourth-quarter earnings. They processed $130 billion in payment transactions in 2022, up 6% from the same period last year.

Source: https://azcoinnews.com/binance-temporarily-suspends-gbp-deposits-and-withdrawals-following-payment-partners-exit.html

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Binance Faces Escalating Regulatory Pressure as Global Scrutiny Intensifies

Binance, the world's largest cryptocurrency exchange, is finding itself under increasing sscrutiny from regulatory bodies worldwide. The latest development involves #BinanceUK withdrawing its registrationn with the Financial Conduct Authority (FCA), the UK's financial regulator. This marks another significant setback for the exchange, which has previously faced warnings and restrictions from various regulatory authorities.

Regulatory Challenges and Investigations

In 2021, the #FCA issued a warning to #Binance citing concerns about its ability to be effectively supervised in the UK. Consequently, the FCA banned Binance from conducting regulated activities within the country. Similar regulatory actions have been witnessed in other jurisdictions. The United States Securities and Exchange Commission ( #SEC ) is currently investigatingg Binance for possible securities law violations, specifically related to the trading of unregistered securities by US investors.

Mounting Pressure and Additional Challenges

The pressure on Binance continues to mount, as it faces not only regulatory scrutiny but also criticism regarding transparency and customer support. Moreover, allegations of wash trading, a form of market manipulation, have been leveled against the exchange. These challenges have put Binance in a precarious position, prompting speculation about its ability to navigate this storm of regulatory and operational issues.

The Uncertain Future

The future of Binance remains uncertain, as it grapples with regulatory challenges, customer complaints, and allegations of market manipulationn. Compliance with regulatory demands will be crucial for the exchange to maintain operations in various jurisdictions. However, Binance has demonstrated resilience in the face of previous regulatory hurdles and has shown a willingness to adapt to changing requirements.

Looking Ahead

Binance's ability to weather the storm and sustain its position as a leading cryptocurrency exchange hinges on how effectively it addresses the regulatory concerns and customer grievances it currently faces. While the challenges are formidable, the company has a track record of overcoming regulatory obstacles and adapting to evolving landscapes. The path forward will require Binance to demonstrate its commitment to compliance, transparency, and customer-centric practices.

Note: This article is for informational purposes only and should not be considered financial advice. Readers are advised to conduct their own research and consult with relevant professionals before making any investment decisions in the cryptocurrency market.

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