There have been many major events in the field of crypto in the last few months, and there have been many ups and downs. Unfortunately, we have seen more downs than ups. Many countries have banned crypto, while others have allowed normal transactions. The massive crashes in many crypto exchanges have also been significant events in the last few months.
These days, it is very normal to see negative updates in the field of crypto. We are going through a gloomy period, and it seems like we are just going down in each and every direction. Today, I have news to share with you all, and it is pretty much negative.
Binance, which is arguably one of the biggest crypto exchanges that operate on the planet and deals with most of the transactions done on crypto exchanges worldwide, has suspended all deposits and withdrawals for their UK-based customers. UK customers cannot use Binance in terms of their local currency, the Pound. Binance's banking partner, Paysafe, has abandoned services for UK customers, citing the challenging regulatory atmosphere in the United Kingdom in offering embedded wallet crypto services. Paysafe clarified that they are still working with Binance in other parts of the world. However, Binance has completely suspended its operations in terms of crypto for UK-based customers as they have lost their banking partner.
Binance has stated that they are looking for other options to provide the services they were providing to UK-based Binance users. However, it is going to take some time. All of this is happening after the UK government released its own plans to regulate the crypto market in February. It seems like there is some sort of pressure on banking authorities operating in the country in terms of their relations with crypto exchanges and crypto as a whole.
On the other hand, the International Monetary Fund has called for more regulation in the crypto field. They have threatened to ban companies if they do not enforce the necessary compliance that the IMF wants them to enforce.
All of this looks like an attempt to suppress or control the crypto market according to the government's desired operation. We can see a similar pattern in other countries worldwide, especially in India, where the government is blatantly against crypto and has set certain rules that clearly depict their intentions and plans about crypto.
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