Crypto Exchange Binance to Suspend British Pound Transfers as It Faces Issues with Its Banking Partners

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Binance exchange has been facing issues with the banking enterprise that is acting in the third-party capacity for providing payment solutions. On this account, Binance has reported that it has been finding new banking partners to continue its British pound payment services.

Recently, Skrill announced that it will stop collaborating with the Binance exchange. Thus far, it had been acting as a crypto-to-fiat conversion platform for the global crypto exchange.

Binance has informed about the latest development to the consumers in the latest email addresses to all active users. In this email, Binance reported that Skrill is set to halt acting as the payment processing option via banks for cryptocurrency transfers by March 22nd.

Consumers now have limited time before they can convert their cryptocurrency deposits and withdrawals using faster payment service options and card facilities.

Binance Seeks New Banking Partners

The letter addressed to Binancians sent by Binance has confirmed that Skrill Limited is parting ways with the crypto exchange as its GBP conversion partner. On the other hand, the firm has also assured its users that it has been working diligently on finding an alternative to continue the same service once again.

The letter also read that as soon as Binance can find a new banking partner it will resume the on and off-ramp GBP payment services for its users.

As per the memo issued by Binance, the firm has 9 weeks to find a suitable replacement for the proper alternative. This duration marks the time until Skrill is going to retain its services.

Binance has confirmed that any changes made to Binance are not going to affect the user accounts that are registered with and using any number of their products and services.

On this matter, Binance has told the media that it is going to suspend the services concerning GBP transactions.

The users will be able to access their GBP funds before the temporary suspension enables. Binance noted that these changes are going to impact less than 10% of the total Binance user base.  On the other hand, all other methods of making deposits and withdrawals in the form of fiat currencies are going to remain unchanged.

The extent of the Skrill GBP payment services is limited to only. Last month, Binance evoked its services with Signature Bank which was operating as its banking partner. This resulted in the termination of any withdrawals below $100K on the network.

During the first month of this year, Binance announced that it is going to seize SWIFT payment services in 143 countries with USD.

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