The GBP transfers’ facilitator for Binance, Skrill Limited, shall reportedly not support sterling transfers (fiat services) from May 22. Losing its U.K. sterling transfers partner, Binance communicated to its customers the suspension of transfers via Faster Payments and card to its customers via an email.
Per Binance, the sterling pound transfers’ suspension comes after Skrill, a Paysafe subsidiary, decided to cease offering its fiat services.
A Skrill representative reportedly stated, We have agreed with Binance to cease offering our embedded wallet solution to their customers in the UK.
We have concluded that the UK regulatory environment in relation to crypto is too challenging to offer this service at this time and so this is a prudent decision on our part taken in an abundance of caution.
Reportedly, not even 1% of customers are affected by the sterling pound suspension by Binance. The customers that are affected reportedly do have access to their GBP balance.
An email statement made by the Binance spokesperson reads, This change affects less than 1% of Binance users. However, we know that these services are valued by our users and our team is working hard to find an alternative solution for them. We will share updates on this as and when we are able.
Binance added GBP trading pairs in 2020. But in June 2021, reportedly via an order by the Financial Conduct Authority (U.K.), Binance Markets Limited (U.K.) was directed to conduct “any regulated activities” only after gaining a written consent in advance. Owner of Skrill, Paysafe (NYSE: PSFE), recently reported its Q4 earnings. In 2022, Paysafe processed payments worth $130 billion (+6% compared to 2021).
