- Binance is still “working hard” on finding a replacement GBP payment processor two days before the service is due to end
- Current partner Skrill is ending its association on Sunday
- British users will not be able to withdraw GBP into their bank accounts if no replacement is found
Binance is “working hard” on getting an alternative payment processor for British users in place before Sunday’s deadline. Binance’s current GBP processor Skrill cut ties with the exchange in March, with Binance announcing that GBP withdrawals would continue until May 22. Binance confirmed to us that the company is still working on getting a replacement lined up, but with only two days to go it looks like Brits are going to be out of luck, at least in the short term.
Rocky Road for GBP Users
Binance introduced the option for British users to deposit and withdraw funds in GBP in early 2021, eliminating the need to transfer coins to other platforms like Coinbase for cash withdrawals. However, the Financial Conduct Authority didn’t take too kindly to Binance offering this service, seemingly pressuring the payment processor Binance had contracted to pull out of the deal, causing Binance to halt the service after just two months.
Normal operations resumed in early 2022 when Skrill came on board, but one year seems to have been enough for Skrill, which has not renewed its contract, leaving Binance seeking a third processor in two years. The company said in March that it was working to secure a new partner in time for the May 22 deadline, but with no announcements made and the deadline just two days away, it seems that British users are left with only two options: withdrawals to a bank card, which bring a 1.5% fee as opposed to the flat £1 fee for bank withdrawals, or withdrawing in a different fiat currency.
The loss of a payment partner also means that British users cannot deposit GBP into Binance, although they can still use Binance’s peer-to-peer service and buy with some bank cards.