Binance will suspend sterling deposit and withdrawal service for all users on May 22

According to the news on March 14, Binance suspended the sterling deposit and withdrawal service of new users on March 13, and suspended the sterling deposit and withdrawal service of all users on May 22. The Binance spokesman said in an email that he had received a notice from the Binance French currency partner Paysafe that from May 22, 2023, they would no longer be able to provide sterling deposit and withdrawal services.

Interpretation of this information:

The recent news about Binance suspending the sterling deposit and withdrawal service of new and existing users has caused a stir in the cryptocurrency world. The suspension of the sterling deposit and withdrawal service took place on March 13, 2021, for new users and on May 22, 2021, for all users. The reason for this suspension is due to a notice received by Binance’s French currency partner, Paysafe, stating that they will no longer be able to provide sterling deposit and withdrawal services from May 22, 2023.

The move made by Binance is significant as the sterling deposit and withdrawal service is an essential part of their offerings. The suspension is likely to impact traders in the UK who use the platform to trade cryptocurrencies. While the suspension applies to sterling deposits and withdrawals only, it has led to speculation on whether other currencies could be suspended as well.

The notice from Paysafe indicates that there are regulatory issues around the sterling deposit and withdrawal service provided by Binance. It is unclear which regulations Binance may have breached, or why Paysafe is no longer willing to provide this service. However, it is apparent that the regulatory environment for cryptocurrency is becoming increasingly stringent, and companies operating in the space need to be more cautious.

While the sterling deposit and withdrawal service suspension is a blow to Binance, the company has a strong reputation and is likely to continue to grow. However, the suspension is a reminder that cryptocurrency is still a nascent space, and there are many regulatory and compliance issues that need to be addressed.

In summary, Binance has suspended its sterling deposit and withdrawal service for new and existing users due to regulatory issues that have arisen from Paysafe, their French currency partner. The suspension happened on March 13, 2021, for new users and on May 22, 2021, for all users, and the suspension is set to stay until Paysafe is able to update their services. With this suspension, traders in the UK who use the Binance platform will need to find alternative options, and the cryptocurrency industry must reevaluate its compliance process accordingly.