Paysafe, Binance’s payment solutions partner, finds the UK regulatory environment too difficult.
Binance’s payment partner, Paysafe, will cut off service to Binance customers in the UK, citing the UK regulatory environment as very difficult. The company suffers from the UK’s regulatory environment.
Paysafe to Cut Services to Binance Customers in the UK
Paysafe will stop providing services to Binance customers in the UK. “The UK’s crypto-related regulatory environment is very challenging,” said payments firm Paysafe. As a result, customers will no longer be able to make GBP deposits and withdrawals.
Paysafe has decided to stop offering its UK-based wallet solution to Binance customers in a move it blames for complex regulation. As a result, Binance will suspend GBP deposits and withdrawals for new users from March 13 and for all users from May 22.
A Paysafe spokesperson said in a statement on the subject:
“We have concluded that the UK regulatory environment regarding crypto is currently very challenging to deliver this service. Therefore, the decision we have taken is a prudent decision taken very carefully by us.”
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