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Binance UK Loses Fiat On- and Off-ramp – Again

2 mins
14 March 2023, 11:45 GMT+0000
Updated by Geraint Price
14 March 2023, 11:45 GMT+0000
In Brief
  • Payment service provider Skrill has ended its relationship with Binance.
  • As a result, Binance will suspend GBP fiat transactions from May 2022.
  • Binance was also forced to suspended its fiat services in 2021.
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Binance has announced the suspension of its on- and off-ramp facilities for pounds sterling (GBP) after its payment partner withdrew its services to the exchange.

The exchange has been in fiat transaction trouble yet again in the U.K., as its payment partner Skrill Limited decided to stop its services to the exchange. As a result, the world’s largest exchange by trading volume will stop providing GBP deposits and withdrawals via Faster Payments and cards.

According to a notice seen by BeInCrypto, the GBP deposit service will be suspended from May 22. The statement assures, “We are working hard to find an alternative provider to continue offering GBP deposits and withdrawals to our users.”

A screenshot from Binance announcement's about suspension off GBP fiat services.
Image source: Binance email

Skrill Cuts Ties With Binance 

In the notice, Binance has not specified reasons for Skrill suspending its services. However, the U.K.’s Financial Conduct Authority (FCA) was concerned with the partnership between Paysafe (Skrill’s parent) and the exchange.

An FCA spokesperson said in February 2022, “Our concerns about Binance remain. We received a notification of this business partnership but have limited powers to object to arrangements of this kind.”

BeInCrypto has reached out to Skrill and Binance but has yet to get a reply.

FCA Steps up Pressure

It is no the first time Binance has run into trouble with its fiat on and offramp in the U.K. In July. 2021, the global payment service provider Clear Junction ended its business relationship with the exchange. 

This was due to the FCA’s stance that Binance lacks the licensing requirement to operate the business in the U.K. Later, Binance had to suspend withdrawals in pound sterling for UK users.

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