Binance is looking for a new partner to handle the processing of British pound transfers on its trading platform right away.
This is due to Skrill Ltd, its existing partner, preparing to discontinue services.
Skrill will stop processing pound deposits and withdrawals through bank transfer and card on May 22nd, according to an email sent to Binance users on March 13.
Binance expressed regret at the news and notified its users that it is currently looking for a Skrill substitute.
In order to provide users with on- and off-ramp services for the British pound as soon as possible, the trading platform is currently making efforts to find a different provider.
Binance has a finite amount of time to find a replacement for Skrill before its services are discontinued in nine weeks.
However, Binance has assured its customers that the discontinuation of Skrill’s services will not have an impact on their Binance Accounts or any other products or services offered by Binance.com.
Although existing users can still access their pound balances, pound transfers for new users were suspended on March 13.
Binance is dedicated to locating a fresh solution for its users while also acknowledging the significance of these services to them. According to Cointelegraph, the move only has an impact on less than 1% of Binance users.
All other fiat currencies, including bank transfer options in other fiat currencies supported by Binance, and direct credit or debit card purchases of cryptocurrencies are still available for depositing and withdrawing, the spokesperson said. This includes buying and selling cryptocurrencies on Binance.com as well.
Other service provider issues have recently plagued Binance, such as the brief suspension of USD bank transfers on February 8th without any justification other than to claim that they were striving to restart the facility as soon as possible.
The suspension did not apply to the U.S.-based independent entity, Binance.US. On January 21st, Binance’s primary banking partner, Signature Bank, reportedly shuttered, banned U.S. dollar transfers below $100,000 on the trading platform, and this service ceased on February 1st.
The SWIFT U.S. dollar bank deposit and withdrawal channel would no longer be available to Binance users from 143 different countries, the exchange company announced on January 23.
One of the few nations that was spared from this move was the United States, along with the United Kingdom, Australia, France, and Germany.