Saudi Press

Saudi Arabia and the world
Thursday, Mar 23, 2023

Crypto exchange Binance to halt sterling transfers

Crypto exchange Binance to halt sterling transfers

Binance is halting its sterling deposits and withdrawals, a company spokesperson said on Tuesday, a month after the world's largest crypto exchange ceased dollar transfers.
Binance has been informed by its partner for sterling transfers, Paysafe, that it would halt its services from May 22, the spokesperson said, impacting all Binance customers.

Sterling transfers for new users were stopped on Monday, it said.

"Binance will ensure that affected users are still able to access their GBP balances," the spokesperson said, adding that the change "affects less than 1% of Binance users."

Binance, which has more than 128 million customers, did not give details on the number of clients the move would impact. The company is working to find an "alternative solution" for sterling transfers, the spokesperson said.

The cessation of sterling transfers, first reported by crypto news outlet The Block, is the latest obstacle for Binance in accessing traditional currencies. Binance last month suspended all dollar bank transfers amid a growing crackdown on crypto by U.S. authorities.


The Justice Department is also investigating Binance, run by billionaire CEO Changpeng Zhao, for suspected money laundering and sanctions violations, Reuters has previously reported. A top Binance executive told The Wall Street Journal and Bloomberg last month that Binance expected to pay penalties to resolve U.S. investigations into the company.

A further hindrance for Binance in accessing dollars came after the U.S. Securities and Exchange Commission told the company which issued its "BUSD" stablecoin it was considering taking action against it. The move sparked around $6 billion in outflows as of earlier this month.

The importance of sterling funding to Binance is unclear. The company does not make public its finances, with the core of the business – the giant Binance.com exchange - mostly hidden from public view.

Paysafe did not immediately respond to a request for comment from Reuters. The company offers the service via UK payments network Faster Payments, which also had no immediate comment.

A spokesperson for Skrill, the Paysafe unit that works with Binance, told crypto website Decrypt 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."

Britain's financial watchdog said last year that it lacked powers to stop Binance from accessing the Faster Payments network via Paysafe.

The UK's Financial Conduct Authority (FCA) warned consumers in June 2021 that Binance did not hold "any form" of permission to offer services regulated by Britain.

The FCA did not immediately respond to a request for comment.
Newsletter

Related Articles

Saudi Press
Close
0:00
0:00
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis
Paris Rioting vs Macron anti democratic law
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
Announcing GPT-4
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Silicon Valley Bank exec was Lehman Brothers CFO
Saudi Arabia has announced a major breakthrough in diplomacy with Iran after two years of intense talks
A Mississippian man, who was once considered a “ticking time bomb,” has lost a whopping 165 kilograms! What motivated this incredible transformation?
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Barcelona is feeling the heat as they face corruption charges over payments to former vice-president of Spain's referees' committee, Jose Maria Enriquez Negreira
Banking regulators close SVB, the largest bank failure since the financial crisis
Watch: “They are wounded but unbowed, unbreakable.”
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Old clip of Bill Gates saying Ukraine is a big, fat, corrupt sinkhole is going viral
Saudi Arabia To Introduce Yoga In Universities
Middle East real estate market to see strong growth in 2023, predicts CBRE.
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
Saudi Aramco, the energy giant, has acquired Valvoline Inc., a US-based oil company, for $2.65 billion
How do stolen goods end up on Amazon, eBay and Facebook Marketplace?
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Hello. Here is our news digest from London.
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
When it comes to Tesla vs Lamborghini, an empty vessel makes more noise
European MP Clare Daly condemns US attack on Nord Stream
Former U.S. President Carter will spend his remaining time at home and receive hospice care instead of medication
North Korea test-fires an intercontinental ballistic missile into the Sea of Japan west of Hokkaido
Tucker Carlson called Trump a 'demonic force'
US bombed Nord Stream gas pipelines, claims investigative journalist Seymour Hersh
Sheikh Jassim Bin Hamad Al Thani bid in for 100% of Manchester United
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
Saray Street in Hatay-Antakya before and after the earthquake
U.S. Jet Shoots Down Flying Object Over Canada
Nord Stream terror attack: David Sacks breaks down Sy Hersh's story
Being a Tiktoker might be expensive…
Miracle: El Salvador Search and Rescue teams, with the support of Turkish teams, rescued a woman and a child from the rubble 150 hours after the earthquake
×