Home » Policy » Binance to lose its British pound on- and off-ramp provider in 9 weeks

After the current partner Skrill Limited announced that it would soon stop providing services to the login password trading center, Binance has scrambled to find a new service partner and settled the yuan transfer on the trading website.

Binance explained in an email to Binancians on May 22 that Skrill will terminate its "faster payment service" credit card for yuan savings and withdrawals based on bank transfers.

"it is a pity to inform you that our own meta-legal partner Skrill Limited has already informed you that this will terminate the provision of meta-legal services to Binance users, which refers to savings and withdrawals through faster payment credit cards," the statement said.

The trading website added that they had been trying to replace dealers to quickly provide Britis Pound on-ramp service to users.

Before Skrill went out of service, there were about nine weeks in life to explore alternatives.

However, Binance confirms that this shift will not affect the Binance account or any of Binance.com 's products or services.

A spokesman for Binance told Cointelegraph that yuan transfers for new users will be suspended on March 13, during which time users can still take a look at his meta-account balance:

This shift seriously affects less than 1 per cent of Binance users. However, we all know that this service is highly valued by our users, and our team has been trying to find alternative solutions for it.

The spokesman added: "in addition, all methods of storing other currencies in circulation and their transaction digital currencies on Binance.com have no impact, including the use of one of the other currencies encouraged by Binance to conduct bank transfers and the first transaction of digital currencies through bank credit cards or savings cards."

This is not the only service provider dilemma that Binance has solved recently.

Binance temporarily halted US dollar bank transfers on February 8th, but did not understand why it simply thought it would restart the role as soon as possible. At that time, the suspension was not very suitable for the corporate headquarters of the US independent entity line Binance.US.

On January 21st, Binance also announced that its core financial institution partner, Signature Bank-, which had been cancelled, would not be allowed to transfer US dollars of less than 100000 yuan on the transaction website. The service will be terminated on February 1.

Binance then announced on January 23rd that Binance users from 143 countries would not be able to open the withdrawal method of SWIFT US dollar financial institutions at all.

The United States, Australia, Poland and Russia are among the few countries selected.

Cointelegraph contacted PaySafe, the head office of Skrill, but received no immediate reply.

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Binance to lose its British pound on- and off-ramp provider in 9 weeks

Binance has also had problems with its banking partner for United States dollar transfers over the last few months.