![]() ![]() It’s not uncommon for exchanges to have downtime. The exact number of clients affected by the cessation of sterling transfers was not disclosed by Binance, which boasts a customer base of over 128 million. ![]() Binance Witnesses a Major Setback in the UK. The change affects less than 1 percent of Binance users. NatWest does not allow any payments at all to cryptocurrency exchanges, while HSBC’s corporate media relations manager Ankit Patel told Coindesk last April that “HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from virtual currencies”. Binance Global exchange halted withdrawals Monday in a temporary suspension that affects all its users, as did other exchanges such as Coinbase. Binance will ensure that affected users are still able to access their GBP balances. In November 2022, Banco Santander (LSE:BNC) limited payments to crypto exchanges to £1,000 per transaction with a total limit of £3,000 in any rolling 30-day period. The exchange was forced to temporarily freeze. Nationwide Building Society implemented restrictions on its customers' ability to purchase cryptocurrencies earlier this month. Cryptocurrency exchange Binance developed a plan to avoid US regulatory scrutiny as it started an American entity in 2019, the Wall Street Journal reported on. On Tuesday, Binance logged its highest daily withdrawals since June, with net outflows of 3 billion over just 24 hours, according to Nansen data. Major UK banks have been falling out of favour with the crypto sector in recent months. Less than a year ago, Binance reopened its doors to UK customers after being ordered to cease trading by the Financial Conduct Authority in February 2022. Paysafe’s withdrawal of support marks another major blow to Binance’s UK operations. In further comment sent to Proactive, Paysafe said: “While we recognise this is disappointing, the UK portion of our business with Binance is small and we’re pleased to be continuing to work with them in Europe and Latin America where they are expanding. “We have concluded 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,” Paysafe said in a statement. Crypto wireless network Helium’s native HNT token dropped by more than 23 on news Friday that Binance plans to delist it from its exchange. ![]() The news comes as Paysafe, Binance’s UK banking partner for facilitating fiat on-ramps and off-ramps, cut tied with the Caymans-registered crypto exchange, citing local regulators’ approach to cryptocurrencies. Binance, the world’s largest cryptocurrency exchange, has halted deposits and withdrawals in British pounds for new customers, while existing customers have until May 22 to transact in the currency. ![]()
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