Crypto exchange Binance to halt sterling transfers

Binance is halting its sterling deposits and withdrawals, a company spokesperson said on Tuesday, a month after the crypto exchange ceased dollar transfers.

Binance has been informed by its partner for sterling transfers, Paysafe, that it would halt its services from May 22, the spokesperson said, impacting all Binance customers.Sterling transfers for new users were stopped on Monday, it said.”Binance will ensure that affected users are still able to access their GBP balances,” the spokesperson said, adding that the change “affects less than 1% of Binance users”.Binance, the world’s largest crypto platforms with more than 128 million customers, did not give detail on the number of clients the move would impact.Paysafe did not immediately respond to a request for comment from Reuters. The company offers the service via UK payments network Faster Payments, which also had no immediate comment.The cessation of sterling transfers, first reported by crypto news outlet The Block, comes after Binance last month suspended all dollar bank transfers amid a growing crackdown on crypto by U.S. authorities.

via Reuters