Crypto exchange Binance will stop accepting and withdrawing British pounds via wire transfer and Faster Payments due to the termination of support for the service by partner Skrill. About this exchange reported in a letter to clients, a copy of which was circulated on Twitter.
— Bitfinex’ed 🔥🐧 Κασσάνδρα 🏺 (@Bitfinexed) March 13, 2023
What exactly caused the break in cooperation with the payment provider is not specified. Deposits will be accepted until May 22, 2023. After the announced deadline, the exchange will begin returning transfers in the British pound to senders’ addresses. The withdrawal closing date has not been determined. The exchange added that they are already working on finding a new partner to resume the turnover of the British pound.
Restrictions are introduced against the backdrop of the collapse of several US banks at once: Silvergate Bank, Signature Bank and Silicon Valley Bank (SVB). Against the backdrop of falling SVB, HSBC bank announced the purchase of the British division of an American financial institution for a symbolic amount of $1.2.
Meanwhile, former US Congressman Barney Frank, best known for the Dodd-Frank Act, which overhauled US banking regulation, believes that cryptocurrency could be the main reason for the failure of the largest banks. According to the former politician, 2023 is fundamentally different from 2008: the financial system is less vulnerable than then, and although the cryptocurrency sector hurts the banking industry, it will not break it.
- In early March, Binance, as part of the tenth package of sanctions, introduced currency restrictions for Russians on its p2p platform. As a result of the tightening, Russians can no longer buy and sell the US dollar and euro through the peer-to-peer trading platform.
- In addition to currency, the exchange also prohibited EU citizens from buying and selling Russian rubles on its p2p platform. However, the restrictions do not apply to other currencies that are listed on the exchange, the site representative noted.
Source: Cryptocurrency
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