The crypto exchange loses its banking partner for euro payments with Paysafe and will no longer be able to offer transactions in EUR from the end of September for the time being.
Market-leading crypto exchange Binance has informed its users that its current euro banking partner, Paysafe Payment Solutions, will no longer support the trading platform.
According to emails sent by Binance to its customers, Paysafe’s Euro support will be discontinued as of September 25 this year. In this context, the crypto company announced that it will switch to a new service provider for EUR deposits and withdrawals via SEPA bank transfer. However, a concrete name has not yet been named.
A Binance spokesperson explained what is now in store for users of the crypto exchange:
“Our users will first need to change the banking information they use to deposit to their Binance accounts and may also need to accept new terms and conditions in order to continue using SEPA in the future.”
Binance confirms that until then, all current methods of depositing and withdrawing other fiat currencies, as well as buying and selling cryptocurrencies on Binance.com, will remain “unchanged.”
Binance also reiterated that this latest announcement regarding euro payments “is not related to the exchange’s recent withdrawal from several countries within the EU.”
In recent months, Binance has faced increased pressure from authorities around the world, leading to the suspension of operations in several countries.
On June 16, the exchange announced its withdrawal from the Netherlands, stating that Dutch customers would only be able to withdraw funds as early as July 17.
Less than a week later, Belgian authorities also ordered the exchange to cease all services.
In addition, the director of Binance Brazil was ordered to appear before the local parliament as part of the ongoing investigation into alleged Ponzi schemes taking place in the country.
In Australia, the local Binance branch was again cut off from the Australian banking system without warning or consultation. However, the search for a new third-party payment provider is reportedly underway.
Amidst all the global uncertainty, Alex Chehade, the managing director of Binance Dubai, tells that the UAE is positioning itself as a prime location for crypto due to its focus on clear regulation and a more open attitude towards digital assets.
Picture Copyright: peshkova
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