Binance, a major cryptocurrency exchange, has stopped its deposit and withdrawal services for customers in the UK who use bank transfers and card payments after its partner, Paysafe, stopped supporting transactions in British pounds. Paysafe cited the regulatory environment in the UK regarding digital assets as the reason behind its decision. Binance responded by suspending deposits and withdrawals in GBP for new users on March 13 and plans to do so for all customers on May 22. Paysafe claimed that its UK business with Binance is small and that it would continue to cooperate with the exchange in other parts of Europe and Latin America. Meanwhile, Gibraltar-based Xapo Bank has enabled its customers to make GBP payments and plans to start offering Tether (USDC) services this week, allowing customers to send and receive the stablecoin directly to their bank accounts without any fees. Xapo Bank paused USDC deposits temporarily but resumed them on March 13.
