Binance Will Suspend Deposits and Withdrawals for British Users

Binance, the world’s largest cryptocurrency exchange, has announced that it will be suspending deposits and withdrawals of GBP for its UK users.

The move has been attributed to pressure from regulators, with PaySafe, the company that handles Binance’s fiat transactions, confirming the termination of their relationship with the exchange.

As a result, new users have been unable to deposit funds since March 13, and existing customers will be unable to do so from May 22.

In addition to this, banks in the UK have started to limit the options for local cryptocurrency investors; for example, customers of the Nationwide Building Society are limited to spending £5,000 per day on cryptocurrency.