“We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP fiat services, namely deposits and withdrawals via Faster Payments and card.”
Crypto exchange Binance announced its plans to suspend deposit and withdrawal facilities for Pound Sterling (GBP) following issues with its current trading partner Skrill Limited.
As per Binance’s email to its customers, the exchange will cease fiat services for GBP for all users after May 22. Binance noted that it will refund all deposits made after the date within seven working days.
Binance made the announcement shortly after Paysafe, the owner of Skrill Limited, said it will stop providing Faster Payments Service (FPS) to the exchange.
A spokesperson for Paysafe attributed the crypto regulatory environment in the UK as the reason behind severing its ties with Binance. In their words,
“We have concluded that the UK regulatory environment in relation to crypto is too challenging to offer this service at this time. While we recognize this is disappointing, the UK portion of our business with Binance is small”
Binance said the change will impact less than 1% of its user base. Nevertheless, the firm will seek alternatives to resume on and off-ramp services for GBP holders.
The news came exactly a year after Binance partnered with Skrill Limited to reopen GBP bank transfers. The exchange also halted US Dollar (USD) deposits and withdrawals in February without specifying the reason behind the suspension.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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