Cryptocurrency exchange Binance announced that it would suspend Great British Pound (GBP) deposits and withdrawals from May 22.
Binance Announces Suspension of GBP Trading
The crypto exchange’s decision comes as UK-based Skrill Limited no longer supports GPT. Following the company’s announcement, the cryptocurrency exchange has lost a company that facilitates british pound transfers.
Following the announcement, as an additional announcement, it was announced that new exchange users would not be able to open an account on the exchange with Great British Pound deposits. However, former users still have access to their Great Britain Pound balance. A Binance Spokesperson said:
“This change affects less than 1% of Binance users. “However, we know that these services are valued by our users and our team is working hard to find an alternative solution for them. We will share updates on this as and when we are able.”
The Past Repeats
This is not the first time the British pound has been shut down. Greath British Pound was first added to the crypto exchange in 2020. However, in June 2021, the UK’s Financial Conduct Authority ordered the company to cease all operations without any written warning.
While users will not be able to access the British pound until March 2022, the exchange’s fiat currency partner PaySafe has reinstated GPT and Euro transfers via the Skrill app. A Skrill representative said:
“We have agreed with Binance to cease offering our embedded wallet solution to their customers in the UK. We have concluded that the UK regulatory environment in relation to crypto is too challenging to offer this service at this time and so this is a prudent decision on our part taken in an abundance of caution.”
Unless a new transfer service provider is found, British pound transactions will be removed from the exchange again.
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