"Binance has to forget about the UK because there seems to be no hope of growing in that country."
Crypto exchange company Binance has reportedly suspended deposit and withdrawal services via bank transfer and card payments for United Kingdom (UK) customers after its local banking partner stopped supporting transactions in British pounds.
Its partner Paysafe, an online payment company based in London will stop one of its products to Binance customers in the UK following the local regulator's aggressive actions against crypto.
Following that, Binance will stop deposits and withdrawals in pounds for new users on Monday while all customers are suspended from transactions on May 22.
According to a spokesperson in an email, the Binance team is working hard to find an alternative solution for users affected by the change.
It is well known that Paysafe intends to continue working with exchangers in Europe and Latin America rather than the UK.
Although UK politicians have embraced crypto in the past year, HSBC Holdings Plc and Natwest Group Plc blocking the transfer of customer sums to digital asset exchangers has caused the market in the country to deteriorate.
This is because Binance itself struggled to establish its services in the UK when the Financial Conduct Authority issued a warning against the company for not having permission to operate in the country.
