Binance announces the suspension of GBP transfers

“Binance will ensure that affected users can continue to access their sterling balances,” said a Binance spokesperson, adding that the change “affects less than 1% of Binance users.”

The world’s largest cryptocurrency exchange, with more than 128 million customers, did not provide details on how many users the measure would affect.

All other methods of depositing and withdrawing fiat currencies, as well as buying and selling cryptocurrencies on Binance.com, will remain unaffected, including wire transfer using one of the other fiat currencies supported by Binance, buying and selling cryptocurrencies directly with a credit or debit card, said an Expansion spokesperson.

The company provides the service through British payments network Faster Payments, which had no immediate comment to Reuters.

The halt in pound transfers, first reported by crypto news outlet The Block, came after Binance last month suspended all dollar bank transfers amid a growing crackdown on cryptocurrencies by cryptocurrencies.

A spokesperson for Skrill, the Paysafe unit that works with Binance, told cryptocurrency website Decrypt that “the UK regulatory environment in relation to cryptocurrency is very challenging to provide this service at this time, so this is a wise decision on our part out of an abundance of caution.”

Britain’s financial watchdog said last year that it lacked the ability to block Binance from accessing the fast payment network through PaySafe.

With information from Reuters