Binance to lose its British pound on- and off-ramp provider
Binance, a cryptocurrency exchange, has faced challenges with its banking partners recently. Its current partner, Skrill Limited has announced that it will cease providing services for British pound transfer on Binance’s platform. So, there is no exaggeration in saying that Binance to lose its British pound on- and off-ramp provider in 9 weeks.
In an email on March 13, Binance stated that Skrill would stop processing pound deposits and withdrawals via bank transfer. Currently, it is searching for an alternative service provider to continue offering pound-on-and-off rap services to its users.
However, Binance confirmed that the change would not affect Binance accounts or any of its products or services. The suspension of pound transfers only affects new users, and existing users can still access their pound balance.
It stated that all other ways of depositing and withdrawing other fiat currencies and buying and selling crypto remain genuine. It is not only a banking problem that Binance has faced recently. Without explaining, it temporarily suspended US Bank transfers on February 8, but the feature has been restarted.
Binance also announced on January 21 that its primary banking partner would ban US dollar transfers below $100000 on the platform. On January 23, it announced that 143 countries would lose access to the US dollar bank deposit and withdrawal network.
In short, Binance to lose its British pound on- and off-ramp provider in 9 weeks. Therefore, it is working to resolve these issues. For this, it is finding new service providers to continue offering its users a seamless experience. However, these trials highlight the constant divide between cryptocurrency firms and traditional banks.