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I am a neophyte, can someone tell me what this imply for the following scenario: Lambda wants to buy a product X for N Bitcoin to a UK based e-seller, and the buyer do the transaction through binance, what happens? Note that in this scenario the buyer is not in the UK.

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You don't need to use Binance. Binance is one way to buy bitcoin to send to the seller but it is not the only way. If you are not in the UK it makes no material difference to anyone involved in the trade.

Bitcoin pretty much always works 100%. It is the fiat that often has problems. In this case the issue is that you can't deposit British Pounds to Binance. If you already converted all your useless fiat currency to various cryptocurrencies, you are safe and free to use your money however you like.

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