Coin security will suspend the sterling deposit and withdrawal service for all users on May 22

It is reported that the Crypto Exchange Coin will suspend the GBP deposit and withdrawal service for new users on March 13 and all users on May 22. A spokesman for Coin Security said in an email that it had received a notice from Paysafe, the partner of Coin Security, that they would no longer be able to provide sterling deposit and withdrawal services from May 22, 2023. Qian An said that this change will affect less than 1% of users, and the exchange is looking for alternative solutions. At the same time, the deposit and withdrawal methods of other legal currencies and cryptocurrency transactions will not be affected. （CoinDesk）

Interpretation of this information:

The Crypto Exchange Coin has announced that it will suspend the GBP deposit and withdrawal service for new users on March 13 and for all users on May 22. The reason behind this decision is the notification from its partner, Paysafe, that they would no longer be able to provide sterling deposit and withdrawal services after May 22, 2023. However, according to Qian An, this change will only affect less than 1% of users. Coin Security spokesperson stated that they are actively searching for alternative solutions. Meanwhile, other fiat currencies and cryptocurrencies’ deposit and withdrawal methods remain unaffected.

The announcement from Coin regarding the suspension of GBP deposit and withdrawal services is a significant one for its users, particularly for those who use GBP as their primary currency on the platform. The decision is not solely from the exchange but a result of the decision from their partner, Paysafe, to terminate the sterling deposit and withdrawal service.

The suspension of services for new users on March 13 and for all users on May 22 signals Coin’s effort to provide efficient solutions for those affected by the change. The company is looking for alternative services to ensure that its users continue to enjoy seamless trading experiences, even after the termination of deposits and withdrawals in GBP.

The fact that less than 1% of users will be affected is good news for Coin, and it shows that they have a considerable user base of non-GBP users. It also indicates that the majority of the users will remain unaffected by the suspension of GBP deposit and withdrawal services, thereby maintaining the smooth operation of the platform.

In conclusion, the message from Coin regarding the suspension of GBP deposit and withdrawal services highlights the challenges crypto exchanges face while partnering with fiat service providers. However, the company’s swift response to the situation and ongoing search for alternative solutions to mitigate the impact show a commitment to providing the best services to its users.