- Skrill Ltd, Binance’s GBP fiat provider, plans to suspend the service.
- Binance is reportedly searching for an alternative before resuming the service.
Top cryptocurrency exchange Binance has emailed users that it would suspend its British pound sterling deposits and withdrawals beginning May 22 due to planned service termination by its on-off ramp service provider.
Skrill Limited, UK-based Binance’s partner for Faster Payments Service transactions, would no longer provide the service to the exchange. New Binance users would reportedly not access deposits or withdrawals from 13, according to the email sent to ‘Binancians.’
‘‘We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP fiat services, namely deposits and withdrawals via Faster Payments and card, to Binance users.” The exchange said. ‘‘The suspension of GBP deposit service will come into effect on May 22, 2023.’’
See Related: Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank
1% of Binance Users Affected In The Latest Step
Binance is searching for an alternative service provider to replace Skrill, according to the announcement, which added that the change only affected 1% of the users. The exchange said all the other ways of depositing and withdrawing other fiat currencies are open, including selling cryptos via credit and debit cards.
Since the start of the year, Binance has had to suspend some of its services due to contract termination by third parties. On February 8, the company temporarily stopped USD bank transfers for some users except those on Binance.US. Binance also had to suspend USD transfers of less than $100,000 on its trading platform after the now-collapsed Signature Bank dropped support for the service.
See Related: Binance’s Major Banking Partner Locks Out SWIFT Customers Transacting Less Than $100k
