Digital Assets: Binance to Suspend Sterling Transfers, as Paysafe Backtracks

Binance now again faces being pushed out of the larger financial services sector after the crypto exchange confirmed that it was being told to suspend deposits and withdrawals made in pound sterling (GBP).

The digital currency exchange, which has been facing increasing regulatory pressure, stated that these services were suspended for new clients starting on Monday and will be halted for all of its customers by May 22 of this year. This, after a decision taken by Fintech firm Paysafe to backtrack from its working relationship with Binance.

Paysafe’s management stated that it determined that the UK regulatory environment in relation to crypto is “too challenging” to actually provide this service at this particular time and so this is a “prudent decision” on their part taken in “an abundance of caution.”

Changpeng Zhao, the Chief Executive Officer at Binance, had been forced to reassure clients back in December 2022 that their funds were safe on the digital asset exchange.

Binance, which claims to be the world’s leading blockchain and cryptocurrency infrastructure provider, has announced the launch of Binance Card in Colombia.

One of Binance‘s top markets boasting high levels of crypto adoption, Colombia becomes the third country in Latin America “to support the product, following releases in Argentina last year and in Brazil this past January.”

The prepaid crypto card is “part of Binance’s ongoing effort to bridge the growing crypto ecosystem with traditional financial infrastructure and expand users’ ability to make everyday purchases with digital assets.”

The card is “in beta testing and will be widely available soon.”

The card, issued by Movii, will “allow all new and existing Binance users in Colombia with a valid national ID to make purchases and pay bills with cryptocurrencies, including bitcoin and BNB, at over 90 million merchants worldwide, both in-store and online.”

Users can enjoy a seamless transaction experience “whereby their cryptocurrencies are converted to fiat in real time at the point of purchase.” Other perks “include up to 8% cashback in crypto on eligible purchases and zero fees on ATM withdrawals (note, however, that third-party services and network fees may still apply).”

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