IMPORTANT POINTS:
- Binance needs to find a new partner to process sterling transfers following its current partner Skrill Limited announced that it will stop offering such services.
- The change will not affect Binance accounts or Binance.com products and services.
- Binance has faced several dilemmas in connection with the temporary suspension of USD bank transfers, the ban on USD transfers of less than $100,000 on its trading platform, and the removal of SWIFT’s USD bank deposit and withdrawal channel for users. from Binance from 143 countries.
The cryptocurrency exchange platform Binance finds himself in a sticky situation following his current partner, Skrill Limitedannounced its intention to stop providing services to the company in relation to transfers in sterling. In an email sent to users on March 13, Binance explained that Skrill will stop processing sterling deposits and withdrawals via bank transfers with its service. “Faster Payments” and with a card on May 22.
Binance’s statement on the situation states: “We are saddened to report that our sterling fiat partner, Skrill Limited, has notified us that they will no longer offer sterling fiat services, specifically Faster Payments and card deposits and withdrawals, to Binance users.” .
A Binance spokesperson told Cointelegraph that sterling transfers have already been suspended for new users since March 13, but existing users can still access their sterling balances in the meantime. The spokesperson also stated that less than 1% of Binance users will be affected by this change, but that the platform understands that these services are valued by its users and that they are working hard to find an alternative solution for them.
Binance also highlighted that this change will not affect Binance accounts or any products or services offered on Binance.com. Although the situation is worrisome for the cryptocurrency exchange, Binance has assured its users that they are doing everything possible to find a quick and efficient solution for them.
Now, in the midst of Binance’s situation with its current partner, Skrill Limited, which will cease to provide services to the company in relation to transfers in British pounds, the cryptocurrency exchange platform has confirmed that other deposit and withdrawal methods from other fiat currencies will not be affected. According to a Binance spokesperson, “wire transfer using one of the other fiat currencies supported by Binance, and buying and selling cryptocurrency directly via credit or debit card” they will continue to function without change.
However, this is not the only problem that Binance has faced recently. The firm temporarily suspended USD bank transfers on February 8 without giving a clear explanation, announcing that its main banking partner, Signature Bank, would shut down US dollar transfers below $100,000 on the trading platform. This service ceased on February 1st.
In addition, Binance announced on Jan. 23 that Binance users in 143 countries would no longer have access to SWIFT’s US dollar bank deposit and withdrawal channel. Only a few countries, such as the United States, the United Kingdom, Australia, France, and Germany, maintained this service.
Finally, the platform’s spokesperson stated that they are working to find a new service provider that offers similar sterling in and out services before Skrill terminates its services on the platform on May 22. Currently, they have approximately nine weeks to find an alternative.
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