Binance will lose its British pound entry and exit provider in 9 weeks
Binance is trying to find a new service partner to process British pound transfers on its trading platform after its current partner, Skrill Limited, announced that it would soon stop providing services to the crypto exchange.
Binance explained in a March 13 email to “Binancians” that Skrill would stop processing pound deposits and withdrawals via bank transfer with its “Faster Payments Service” and the card on May 22.
“We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that they will stop offering GBP fiat services, namely deposits and withdrawals via Faster Payments and Cards, to Binance users,” it said in the statement.
The trading platform added that it is “working hard to find an alternative provider” to offer British pound loading and unloading services to users as soon as possible.
It has approximately nine weeks to find an alternative before Skrill terminates its services.
However, Binance confirmed that the change would not affect Binance accounts or Binance.com products or services.
A spokesperson for Binance told Cointelegraph that pound transfers were suspended on March 13 for new users and that users will still be able to access their pound balances 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 and buying and selling crypto on Binance.com remain unaffected, including bank transfer with one of the other fiat currencies supported by Binance, and buying and selling crypto directly via credit or debit card,” the spokesperson added.
Nor is this the only service provider dilemma Binance has dealt with recently.
Binance temporarily suspended USD bank transfers on February 8, but gave no explanation as to why, saying only that it would work to restart the feature as soon as possible. At the time, the suspension did not apply to the US-based independent entity, Binance.US.
On January 21, Binance also announced that its primary banking partner would ban US dollar transfers below $100,000 on the trading platform. This service ceased on 1 February.
Related: Binance banking issues highlight a divide between crypto firms and banks
Binance then announced on January 23 that Binance users from 143 countries would no longer have access to the SWIFT US dollar bank deposit and withdrawal channel at all.
The US, UK, Australia, France and Germany were some of the few countries that made the cut.
Cointelegraph contacted Paysafe, the parent company of Skrill, but did not immediately receive a response.
