Binance To Lose its British Pound On- And Off-Ramp Provider

Binance To Lose its British Pound On- And Off-Ramp Provider

As its existing partner, Skrill Limited indicated it will shortly stop providing services to the cryptocurrency exchange, Binance is trying to find a replacement service partner to handle British pound payments on its trading platform.

Skrill would cease processing pound payments and withdrawals through bank transfer with its “Faster Payments Service” and card on May 22, according to information provided by Binance in an email sent to “Binancians” on March 13.

Binance's email to its users explaining the GBP suspension

Binance’s email explaining the suspension of GBP. Source: Twitter

The trading platform also stated that they are “working diligently to locate an alternative provider” in order to offer consumers British pound on- and off-ramp services as soon as feasible.

There are around nine weeks left before Skrill stops offering its services.

Nonetheless, Binance reaffirmed that the modification will not affect Binance Accounts or any other goods or services offered by 

According to a representative for Binance, new customers’ access to pound transfers was banned on March 13, but users may still access their pound holdings in the interim:

“This change affects less than 1% of Binance users. However, we know that these services are valued by our users and our team is working hard to find an alternative solution for them.”

“In the meantime, all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on 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,” the spokesperson added.