Binance, the world’s largest cryptocurrency exchange, is in search of a new service partner to process British pound transfers after Skrill Limited announced it would soon stop providing services to the crypto exchange.
Skrill, Binance’s current partner, will stop processing pound deposits and withdrawals via bank transfer with its “Faster Payments Service” and card on May 22.
In a statement to its users, Binance said it was “working hard to find an alternative provider” to provide British pound on- and off-ramp services to users as soon as possible. The exchange has about nine weeks to find an alternative before Skrill terminates its services.
The change, however, is not expected to impact Binance accounts or any Binance.com products or services. A Binance spokesperson confirmed that pound transfers were suspended on March 13 for new users, but that users will still be able to access their pound balances in the meantime.
The spokesperson added that all methods of depositing and withdrawing other fiat currencies, as well as buying and selling crypto on Binance.com, remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance and buying and selling crypto directly via credit or debit card.
This is not the first service provider dilemma that Binance has had to deal with in recent times. In February, the exchange temporarily suspended USD bank transfers without explanation but assured its users that it would work to restart the feature as soon as possible.
In January, Binance announced that its primary banking partner, Signature Bank, would ban U.S. dollar transfers below $100,000 on the trading platform, and users from 143 countries would no longer have access to the SWIFT U.S. dollar bank deposit and withdrawal channel at all.
Despite the challenges, Binance remains one of the most popular cryptocurrency exchanges in the world, with millions of users worldwide. The exchange has pledged to continue to work to find solutions to these challenges and ensure that its users have access to the services they need to trade and invest in cryptocurrencies.
