• Binance has suspended GBP services to new users due to the closure of its service provider Skrill Limited.
• Multiple crypto-friendly banks have either imploded or been shut down by U.S. regulators over the past week.
• The closure of Signature Bank raises questions as it may be part of an effort by regulators to send a “anti-crypto message”.
Binance Suspends GBP Services
Binance has suspended GBP services to new users, due to the closure of its service provider Skrill Limited. If no other banking partner is found in the U.K., Binance will need to halt GBP deposits and withdrawals for all users by May 22nd. All other products and services like buying crypto with fiat on its exchange remain operational.
Crypto Access To Traditional Banking Weakens
The crypto industry’s horrendous start of the year continues, with multiple crypto-friendly banks either imploding or being outright shut down, weakening access to traditional banking and payment services for cryptos each day.
U.S Regulators Shut Down Crypto Friendly Banks
U.S regulators have been on a roll shutting down crypto-friendly banks and service providers recently, including Silvergate, Silicon Valley Bank, and Signature Bank which played an important role in providing crypto companies and venture capital (VC) firms access to traditional banking services.. The closure of Signature Bank raises questions as it may be part of an effort by regulators to send a “anti-crypto message”.
Binance Letter To Users
Binance sent a letter informing their users that they are suspending GBP deposits and withdrawals for new users due their partnership with Skrill Limited ending abruptly. They mentioned that if another banking partner isn’t found soon then all users will suffer from this suspension come May 22nd , but until then buying crypto with fiat remains operational on their platform .
Conclusion
Overall this news further damages the relationship between cryptos and traditional banking systems , leaving many people unable to use their money how they want . As we wait for more details about what happened with these failed banks , hopefully we can find solutions soon so we don’t see any more disruptions such as this one .