Binance set to lose its British pound supplier in 9 weeks

Binance is trying to find a replacement service partner to handle British pound payments on its trading platform since its present partner, Skrill Limited, has stated that it will shortly quit providing services to the cryptocurrency exchange.

Binance informed “Binancians” via email on March 13 that Skrill will cease processing pound payments and withdrawals by bank transfer on May 22 for its “Fast Payments Service” and card.

“We regret to tell you that our GBP fiat partner, Skrill Limited, has notified us that it will cease supplying GBP fiat services to Binance customers, including deposits and withdrawals by Faster Payments and card,” the message stated.

The trading platform said that they are “working diligently to locate an alternate partner” to give consumers British pound on- and off-ramp services as quickly as feasible.

It has around nine weeks to find a replacement before Skrill’s services are terminated.

Nonetheless, Binance stated that the move will not affect Binance accounts or other Binance.com services.

A spokesman for Binance informed that pound transfers were blocked on March 13 for new customers, but that existing users could still access their pound holdings:

“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 interim, all methods of depositing and withdrawing other fiat currencies and buying and selling cryptocurrencies on Binance.com remain unaffected,” the spokesperson said.

“This includes bank transfers using one of the other fiat currencies supported by Binance, as well as buying and selling cryptocurrencies directly with a credit or debit card.”

This is not the only problem with a service provider that Binance has encountered recently.

Binance momentarily banned USD bank transfers on February 8, but did not explain why. Instead, the exchange said that it would endeavor to restore the function as soon as possible.

At the time, the suspension did not apply to Binance, an autonomous business located in the United States. US.

On January 21, Binance also declared that its key financial partner, the supposedly defunct Signature Bank, would prohibit U.S. currency payments of less than $100,000 on the trading platform. The service ended on February 1.

On January 23, Binance stated that customers from 143 countries will have no access to the SWIFT U.S. dollar bank deposit and withdrawal channel.

The United States, the United Kingdom, Australia, France, and Germany were among the select few nations to make the cut.