Per Decrypt

Bloomberg suspends deposits and withdrawals for UK customers via bank transfers. In an email sent to customers, it was noted that customers wouldn't be able to use the British pound sterling GBP on their accounts.

This is reportedly because of Skrill Limited, Binance's partner in the UK that it uses for transactions that were Faster Payments Service. Skrill Limited no longer supports GBP.

A spokesperson said in the email that the change would only affect a fraction of Binance users, at notably just 1%. It was noted that they would provide more updates regarding what they will do.

“This change affects less than 1% of Binance users... However, we know that these services are valued by our users and our team is working hard to find an alternative solution for them. We will share updates on this as and when we are able.”

Binance first added GBP to its list of fiat trading pairs in 2020, before its official launch in the UK. During that time, users had to convert their fiat to crypto through Binance Jersey.

A Skrill representative also gave a statement regarding their agreement with Binance and that they recognize the challenges regarding the UK regulatory environment regarding crypto.

"We have concluded that the UK regulatory environment in relation to crypto is too challenging to offer this service at this time and so this is a prudent decision on our part taken in an abundance of caution."

In mid-February, it was found that Binance actually had secret access to a Silvergate bank account that belonged to an independent US partner. The trading platform reportedly transferred $400 million from the account to another trading firm that was managed by Binance CEO Changpeng Zhao.

Previously, CZ said many big four firms didn't know how to audit crypto exchanges. This was said on December 2022.

See flow at unusualwhales.com/flow.

Other News:

Resources:

Decrypt