Binance, a leading cryptocurrency exchange, has shared that its service partner, Skrill Limited, will soon discontinue providing services in pounds sterling to the platform.
Binance has already ceased accepting new users who wish to open an exchange account with deposits in pounds sterling.
According to the exchange, new customers will not be able to trade in sterling as the UK-based partner, Skrill Limited, has announced its decision to stop providing services to Binance.
The change will only impact 1% of Binance users, and the team is actively searching for alternative solutions.
However, the limitations do not apply to existing users who can still access their balances and execute transactions in GBP.
If Binance fails to find another fiat service provider, it will halt all deposits and withdrawals in British pounds starting May 22. Recently, Binance imposed a ban on the sale and purchase of dollars and euros via P2P services for Russian Federation citizens and users located in Russia.