Binance to lose support of its euro banking partner

CoinTelegraph reported:

The cryptocurrency exchange Binance informed users that its current euro banking partner, Paysafe Payment Solutions, will not continue supporting the exchange. 

According to emails issued to customers by Binance, euro support provided by Paysafe will end after Sept. 25, 2023. It said it would be switching to a new service provider for euro deposits and withdrawals via SEPA bank transfer, though it didn’t name which provider that would be.

A Binance spokesperson told Cointelegraph what users should expect at the time of discontinued service:

“Users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.”

Until then, Binance confirmed that all the current methods of depositing and withdrawing other fiat currencies, and buying and selling crypto on “remain unaffected.”

Binance also reiterated to Cointelegraph that this latest announcement regarding euro payments is “not related” to the exchange’s recent departure from multiple countries within the European Union. 

Related: Binance reverses decision to delist privacy coins in Europe

In recent months Binance has been facing waves of backlash from regulators around the world, leading to a cessation of operations in various countries. 

On June 16, the exchange announced its departure from the Netherlands, saying that from July 17 onward, Dutch customers would only be allowed to withdraw funds.

Less than a week later, officials in Belgium also ordered the exchange to halt all services.

Additionally, the director of Binance Brazil was ordered to appear before the Brazilian parliament as a part of ongoing investigations into alleged pyramid schemes within the country.

In Australia, the local Binance branch was cut off from Australia’s banking system with no prior warning or consultation. Searching for a new third-party payment provider is reportedly ongoing.

Amid all the uncertainty globally, Binance Dubai general manager Alex Chehade told Cointelegraph that the United Arab Emirates is positioning itself as a prime destination for crypto businesses, with regulatory clarity and a more open stance toward digital assets.

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