Last Updated on March 14, 2023 by Bitfinsider
Due to confusing regulations, Paysafe chose to stop providing its embedded wallet solution to Binance users in the UK. As a result, beginning on March 13 for new users and ending on May 22 for all users, Binance will prohibit GBP deposits and withdrawals.
“We have concluded that the UK regulatory environment in relation to crypto is too challenging to offer this service at this time,” a Paysafe representative wrote in an email. “This is a prudent decision on our part made in an abundance of caution,” he continued.
In February, the UK revealed a plan to regulate cryptocurrency lending and trading with stricter guidelines and a wider scope. As Binance grows in those regions, Paysafe will continue to collaborate with it in Europe and South America.
Although we acknowledge how disappointing this is, the company noted that only a tiny part of its business with Binance is in the UK.
In an email, Binance stated that it is “working hard to find an alternative solution for them,” estimating that less than 1% of its users will be impacted.
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