Binance & GBP: A Crypto Love Story Gone Wrong 💔

GM Guys and Gals,

Grab your popcorn and tissues, because we're about to dive into a cinematic tale of love, loss, and longing in the world of crypto. It's the story of Binance and the British pound—two star-crossed lovers fated to dance the dance of on-again, off-again romance.

In a dramatic turn of events, crypto exchange Binance will suspend British pound sterling (GBP) deposits and withdrawals starting on May 22nd. Why, you ask? Well, it appears that their U.K.-based partner, Skrill Limited, has decided to call it quits. Cue the dramatic music!

New Binance users, brace yourselves for heartbreak: you won't be able to open accounts with GBP deposits. But worry not, existing lovebirds—err, users—you can still access your GBP balances.

Binance is aware that these services are valued by its users (aka love letters in the crypto world), and they're working hard to find an alternative solution. It's like a love triangle, but with digital currencies!

This isn't the first time Binance and the British pound have had a rocky relationship. In 2020, Binance added GBP trading pairs ahead of launching its U.K.-based trading platform.

Things seemed to be going well until the UK's Financial Conduct Authority stepped in like an overprotective parent and ordered Binance Markets Limited to stop "any regulated activities" without prior written consent.

For months, users couldn't use GBP or euros to fund their accounts. It seemed like all hope was lost, until Binance came back with a vengeance, reintroducing GBP and euro transfers with PaySafe's Skrill as its fiat partner. Alas, this reunion was short-lived.

As we wait with bated breath to see if Binance and the British pound will rekindle their romance once more, let's take a moment to appreciate the drama, passion, and humour that only the world of cryptocurrency can provide.

Will Binance find a new partner to keep the flame alive? Or is this truly the end for Binance and the British pound? Stay tuned, dear readers, for the next thrilling instalment in this crypto romantic comedy!

As the crypto world continues to evolve, we will keep you updated on all the latest developments. Stay tuned for more updates from Web3shala.

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That’s it for the day, Web3Shala 👋

To the Moon 🚀