Major Crypto Exchanges binance London-based online payments firm Paysafe has halted deposit and withdrawal services via bank transfers and card payments for customers in the UK after its partner, London-based online payments firm Paysafe, discontinued support for transactions made in British pounds (GBP).
The Binance partner said the exchange’s decision to stop supplying one of its products to UK customers resulted from British regulators’ stance on digital assets.
“We have concluded that the UK regulatory environment with respect to crypto is too challenging to offer this service at this time and it is therefore a prudent decision on our part,” Paysafe said in a statement. obtained by Bloomberg.
In response to this development, Binance stopped processing deposits and withdrawals in GBP for new users on 13 March. According to a Binance spokesperson, the platform plans to suspend such transactions for all customers on May 22.
The spokesperson said “our team is working hard to find an alternative solution” for users who are affected by the latest changes.
Paysafe claims that the UK’s share of its overall business with Binance is “small” and that it will continue to collaborate with the platform in other parts of Europe and Latin America as well.
Meanwhile, as the ongoing turmoil in the banking sector related to the collapse of Silicon Valley Bank (SVB) continues to impact crypto markets, Gibraltar-based Xapo Bank has announced that it has enabled GBP payments to its customers. The business also plans to shut down Tether (USDC) services this week.
“From today we have also added support for GBP via the Faster Payments Network, meaning members will be able to pay directly to UK wallets or banks,” Xapo Bank CEO Seamus Rocca said in a statement. provided to CoinDesk.
With regard to USDC services, the CEO added that the retail-focused bank aims to allow its customers to send and receive the stablecoin directly into their bank accounts without any fees.
Last week, the bank temporarily halted USDC deposits.
“We are pleased to announce that the temporary moratorium on USDC deposits at ExpoBank as of Saturday, March 11, 2023, has now been lifted. Our members can resume sending USDC to their accounts, which will start immediately. convert to USD1 for,” crypto-friendly bank Tweeted On 13 March.
Launching in 2021, Xapo Bank says its mission is to bring together “traditional private banking with the digital currencies of the future.”