Binance payment partner Paysafe stops providing services for UK Binance users

ChainCatcher message, due to the complexity and challenges of the regulatory environment in the UK, the payment platform Paysafe has decided to stop providing its embedded wallet solution to Binance customers in the UK. As a result, Binance has suspended GBP deposits and withdrawals for new users starting March 13, and will suspend all users on May 22. Binance stated that this decision affects less than 1% of users and is working to find alternative solutions.

It is reported that the UK announced a plan to regulate cryptocurrency trading and lending in February, with stricter and broader regulations. As Paysafe expands in Europe and Latin America, Paysafe will continue to work with Binance. (The Block)