“Binance will ensure that affected users can continue to access their sterling balances,” the spokesperson said, adding that the change “affects less than 1% of Binance users.”
The world’s largest cryptocurrency platform, with more than 128 million clients, did not give details on the number of users the measure will affect.
Paysafe did not immediately respond to a request for comment from Reuters. The company offers the service through British payment network Faster Payments, which also had no immediate comment.
The cessation of pound transfers, first reported by crypto news outlet The Block, comes after Binance last month suspended all dollar bank transfers amid a growing crackdown on cryptocurrencies by cryptocurrencies. US authorities.
A spokesperson for Skrill, the unit of Paysafe that works with Binance, told cryptocurrency website Decrypt that “the UK regulatory environment in relation to cryptocurrencies is too challenging to offer this service at this time, so this is a prudent decision on our part taken in an abundance of caution.”
The British financial watchdog said last year that it lacked the power to prevent Binance from accessing the fast payment network through PaySafe.