Skrill To Cease GBP Fiat Services for Binance Users Amid Regulatory Pressure

1. Skrill Limited to cease offering GBP fiat services to Binance users on May 22.
2. Regulatory pressure on the cryptocurrency industry prompts service restrictions.
3. Binance remains committed to regulatory compliance and seeks alternative providers.

Leading cryptocurrency exchange Binance has received news that its GBP fiat partner, Skrill Limited, will cease offering GBP fiat services to its users via bank transfer with its “Faster Payments Service” and card on May 22. In an email sent to “Binancians,” Binance regretfully informed its users of the news. The trading platform added that it is in the process of seeking an alternative provider to supply British pound on- and off-ramp services to users as soon as possible.

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Skrill Limited’s decision comes amidst mounting regulatory pressure on the cryptocurrency industry. Regulators have been pushing for greater oversight and compliance measures within the sector, including stricter Know Your Customer (KYC) requirements. This has prompted several crypto exchanges to impose restrictions and limitations on their services.

Binance has remained steadfast in its commitment to regulatory compliance and has taken proactive measures to ensure it is in line with regulatory requirements. The exchange has increased its compliance staff and has made significant investments in compliance-related technology.

The change in Skrill Limited’s service offering is not expected to impact Binance Accounts or any of Binance.com’s products or services. Binance has approximately nine weeks to find an alternative before Skrill terminates its services. The exchange has assured its users that it is working tirelessly to find a solution and ensure uninterrupted service to its users.

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