Binance is scrambling to find a new service partner to process GBP transfers on its trading platform after its current partner, Skrill Limited, announced that it will soon stop providing services to cryptocurrency exchanges.
Binance explained in an email to “Binancians” on March 13 that Skrill will stop processing GBP deposits and withdrawals via bank transfers using its “Faster Payment Service” and bank cards on May 22. "We regret to inform you that Skrill Limited, our GBP fiat currency partner, has notified us that it will cease to provide Binance users with GBP fiat currency services, deposits and withdrawals via Faster Payments and cards," the statement read. The trading platform added that they are "working hard to find alternative providers" to provide users with GBP on-ramp services as quickly as possible.
Before Skrill terminated its service, it had about nine weeks to find an alternative.
However, Binance confirmed that this change will not affect Binance accounts or any Binance.com products or services. A Binance spokesperson told Cointelegraph that GBP transfers were suspended for new users on March 13, while users can still access their GBP balances:
“This change affects less than 1% of Binance users. However, we know these services are valued by our users, and our team is working hard to find alternative solutions for them.” “In the meantime, all methods of depositing and withdrawing other fiat currencies and buying and selling cryptocurrencies on Binance.com remain unaffected, including bank transfers using one of the other fiat currencies supported by Binance, buying and selling cryptocurrencies directly on credit or borrowing debit card," the spokesman added.
This isn't the only service provider dilemma Binance has dealt with recently, either. Binance suspended U.S. dollar bank transfers on Feb. 8, but did not explain why, saying only that it would restart the feature as soon as possible. At the time, the suspension did not apply to Binance.US, a separate U.S.-based entity.
On Jan. 21, Binance also announced that its main banking partner the reportedly now-defunct Signature Bank would ban U.S. dollar transfers below $100,000 on the exchange. The service was discontinued on February 1. Binance then announced on Jan. 23 that Binance users from 143 countries would be unable to access SWIFT USD bank deposits and withdrawals at all. The US, UK, Australia, France and Germany were among the few countries that advanced.
