Binance, a leading cryptocurrency exchange, is in search of a new service partner to process British pound transfers on its platform after its current partner, Skrill Limited, announced that it will stop offering GBP fiat services to Binance users. Skrill will cease processing pound deposits and withdrawals via bank transfer with its Faster Payments Service and card on May 22.
Finding an Alternative Provider
Binance has nine weeks to find an alternative provider before Skrill terminates its services. The trading platform assured users that the change would not affect Binance Accounts or any Binance.com products or services. Binance stated that it is “working hard to find an alternative provider” to provide British pound on- and off-ramp services to users as soon as possible.
Impact on Users
According to a Binance spokesperson, the change affects less than 1% of Binance users. However, pound transfers were suspended on March 13 for new users. Users will still be able to access their pound balances in the meantime. Binance users can still deposit and withdraw other fiat currencies and buy and sell crypto on Binance.com. This includes bank transfer using one of the other fiat currencies supported by Binance and buying and selling crypto directly via credit or debit card.
Also Read: UK Plans for Digital Pound Introduction by 2030
Other Service Provider Dilemmas
Binance has faced other service provider issues recently. On Feb. 8, it temporarily suspended USD bank transfers without explanation but restarted the feature as soon as possible. On Jan. 21, Binance’s primary banking partner, reportedly now-shuttered Signature Bank, banned U.S. dollar transfers below $100,000 on the trading platform, which ceased on Feb. 1. On Jan. 23, Binance announced that Binance users from 143 countries would no longer have access to the SWIFT U.S. dollar bank deposit and withdrawal channel.
Despite the challenges, Binance remains committed to providing its users with quality service. A Binance spokesperson stated that pound transfers are valued by users, and the team is working hard to find an alternative solution for them. The company is constantly looking for ways to improve its services and ensure that users can trade their cryptocurrencies with ease.
