Binance Loses GBP Cash Processor

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  • Binance has lost its GBP processor, Skrill, after a year’s service
  • After May 22, UK users will not be able to withdraw or deposit GBP, unless Binance can find a new partner
  • Binance has struggled before with retaining payment companies

Binance is on the hunt for a new provider of GBP withdrawals after its current partner, Skrill, told them it was ending its deal in May. The service, which uses the Faster Payments channel that ensures British users get their withdrawals within minutes, is essential for many who use their Binance accounts for daily activities, such as companies, and could be another example of financial institutions becoming scared of dealing with crypto entities. Binance has until May 22 to find a new provider, and UK users will hope that any replacement is just as convenient.

On and Off Service

Binance started offering GBP deposits and withdrawals in January 2021, meaning that British users didn’t have to keep sending coins off to other exchanges such as Coinbase to withdraw cash into their accounts. However, it was forced to halt this service just two months later after it attracted the attention of the Financial Conduct Authority (FCA), which it’s thought made the payment processing partner have second thoughts.

Normal service resumed in early 2022 when Skrill came aboard, but it seems that the company doesn’t want to renew its contract, leaving Binance needing to find a new payment processor within nine weeks. In an email to customers, Binance said that “deposits and withdrawals via Faster Payments and card” will be affected and said that it is “working hard to find an alternative provider”.

Any UK users that sign up to Binance from today will not be able to use the GBP withdrawal and deposit feature, although existing users have until the end of May, by which time a replacement provider will hopefully have been found.