Binance will soon stop using its British pound on- and off-ramp provider

In the last several months, Binance’s banking partner for US dollar payments has also had issues.

With the recent announcement that Binance’s existing service partner, Skrill Limited, will shortly discontinue providing services to the cryptocurrency exchange, the company has been searching for a replacement service partner to process British pound transactions on its trading platform.

Binance notified its “Binancians” via email on March 13 that Skrill’s “Faster Payments Service” and a card will no longer accept deposits and withdrawals in British pounds after May 22.

“Skrill Limited, Binance’s GBP fiat partner has notified us that it will discontinue supplying GBP fiat services, including deposits and withdrawals by Faster Payments and card to Binance customers,” the exchange said in a statement.

The trading platform said they are “working hard to identify an alternate supplier” so that customers may access on- and off-ramps for British pounds as soon as possible.

Skrill will cease providing services in around nine weeks, giving the company time to find a replacement. Nonetheless, Binance assured customers that the update would not affect their Binance Accounts and other services.

According to Cointelegraph, a Binance representative said that, as of March 13, pound transfers had been halted for new customers but that existing users may continue utilizing their pound holdings.

“This update will impact less than one percent of Binance users. But, our staff is working tirelessly to find a replacement for these services since we know how much our consumers appreciate them.

“In the meantime, all ways of depositing and withdrawing other fiat currencies and buying and selling cryptocurrencies on remain unchanged,” the spokesman said. “This includes bank transfers using one of the other fiat currencies offered by Binance, as well as buying and selling cryptocurrencies directly using a credit or debit card.”

In recent months, this isn’t the only issue with a service provider that Binance has faced. On February 8th, Binance temporarily disabled USD bank transfers without providing a reason but promised to restore the function as soon as feasible. Binance, a separate company in the United States, was not affected by the freeze at the time.

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