Binance is trying to find a new service partner to process British pound transactions on its trading platform after its present partner, Skrill Limited, stated that it would quit providing services to the crypto exchange in the near future.
Binance informed “Binancians” in a March 13 email that Skrill would cease processing pound deposits and withdrawals through bank transfer using its “Faster Payments Service” and card on May 22.
“We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP fiat services, namely deposits and withdrawals via Faster Payments and card, to Binance users,” the statement read.
The trading platform also stated that they are “working diligently to identify an alternative source” in order to give consumers British pound on- and off-ramp services as soon as feasible.
It has around nine weeks to find a replacement before Skrill discontinues its services.
On the other hand, the crypto exchange confirmed that the move would have no effect on its Accounts or any other Binance.com products or services.
According to a spokeswoman, pound transfers for new users were halted on March 13, however, users can still access their pound holdings in the meantime:
“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.”
“In the meantime, all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on Binance.com remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance, and buying and selling crypto directly via credit or debit card,” the spokesperson added.
This isn’t the only service provider quandary the crypto exchange has faced recently.
Binance momentarily blocked USD bank transactions on February 8 but did not explain why just stating that it would endeavour to restore the feature as soon as possible. At the time, the halt did not apply to Binance, a U.S.-based autonomous corporation. The US.
Binance also declared on January 21 that its key banking partner, the now-defunct Signature Bank, would prohibit US dollar payments of less than $100,000 on the trading site. This service was discontinued on February 1st.
On January 23, the crypto exchange announced that users from 143 countries would no longer have access to the SWIFT US dollar bank deposit and withdrawal channel.
The United States, the United Kingdom, Australia, France, and Germany were among those who made the cut.
