Skrill Limited, Binance’s current British pound transfer service partner, announced that it would cease to offer its services to the exchange. This means that Binance users will no longer be able to make British pound deposits and withdrawals via Faster Payments Service or card on May 22, 2023.
Binance has said that it is working hard to find an alternative provider before Skrill terminates its services. The exchange has about nine weeks to find a new partner to provide British pound on- and off-ramp services to users.
The change is unlikely 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. However, users will still be able to access their pound balances in the meantime.
Binance has faced other service provider dilemmas recently. It temporarily suspended USD bank transfers on Feb. 8 but did not provide an explanation as to why. The halt did not apply to the U.S.-based independent entity, Binance.US.
In addition, Binance’s primary banking partner, Signature Bank, banned U.S. dollar transfers below $100,000 on the trading platform. This service ceased on February 1. Binance then announced on January 23 that users from 143 countries would no longer have access to the SWIFT U.S. dollar bank deposit and withdrawal channel at all.
Despite these setbacks, Binance remains one of the largest cryptocurrency exchanges, and its services remain largely unaffected. Users can still deposit and withdraw other fiat currencies, buy and sell crypto on Binance.com, and use bank transfers using one of the other fiat currencies supported by Binance.