As its existing partner, Skrill Limited, indicated it would shortly stop providing services to the cryptocurrency exchange, Binance is scrambling to find a replacement service partner to handle British pound payments on its trading platform.
Skrill would cease processing pound payments and withdrawals via bank transfer with its “Faster Payments Service” and card on May 22, according to information provided by Binance in an email sent to “Binancians” on March 13.
The statement said, “We regret to inform you that Skrill Limited, our GBP fiat partner, has notified us that it will stop offering GBP fiat services, including deposits and withdrawals by Faster Payments and card, to Binance users.
The trading platform also stated that they are “working diligently to locate an alternative provider” in order to offer users British pound on- and off-ramp services as soon as feasible.
There are around nine weeks left before Skrill stops offering its services.
Nonetheless, Binance reaffirmed that the modification will not affect Binance Accounts or any other products or services offered by Binance.com.
According to a representative for Binance, new customers’ access to pound transfers was banned on March 13 but that users can still access their pound holdings in the interim:
Less than 1% of Binance users will be impacted by this move. But, our staff is working hard to come up with a different solution for them because we are aware of how much our users value these services.
According to the spokesperson, “in the interim, all methods of depositing and withdrawing other fiat currencies, as well as purchasing and selling cryptocurrency on Binance.com, remain unaffected. These methods include bank transfers using one of the other fiat currencies supported by Binance, as well as purchasing and selling cryptocurrency directly via credit or debit card.
Nevertheless, this is not the only service provider conundrum Binance has recently encountered. On February 8, Binance temporarily stopped allowing USD bank transactions, but would not explain why, only stating that it would resume as soon as feasible. The halt did not then apply to Binance, an independent company with headquarters in the United States. US.
On Jan. 21, Binance also declared that its key banking partner — apparently now-shuttered Signature Bank — would block U.S. dollar transfers below $100,000 on the trading platform. On February 1st, this service ended.