“Binance will ensure that affected users can continue to access their sterling balances,” said a Binance spokesperson, adding that the change “affects less than 1% of Binance users.”
The world’s largest cryptocurrency exchange, with more than 128 million customers, did not provide details on how many users the measure would affect.
Paysafe did not immediately respond to a request for comment Reuters. The company provides the service through British payment network Faster Payments, which had no immediate comment.
The halt in pound transfers, first reported by crypto news outlet The Block, came after Binance last month suspended all dollar bank transfers amid a growing crackdown on cryptocurrencies by cryptocurrencies.
A spokesperson for Skrill, the Paysafe unit that works with Binance, told cryptocurrency website Decrypt that “the UK regulatory environment in relation to cryptocurrency is very challenging to provide this service at this time, so this is a wise decision on our part out of an abundance of caution.”
Britain’s financial watchdog said last year that it lacked the ability to block Binance from accessing the fast payment network through PaySafe.
“Creator. Devoted pop culture specialist. Certified web fanatic. Unapologetic coffee lover.”