Binance, the cryptocurrency exchange, has informed its users that its current euro banking partner, Paysafe Payment Solutions, will no longer support the exchange. According to emails sent to customers, Paysafe will end its euro support for Binance after September 25, 2023.
Binance stated that it will switch to a new service provider for euro deposits and withdrawals via SEPA bank transfer, but did not disclose the name of the provider.
Binance users will need to update their banking details for euro deposits and may be required to accept new terms and conditions to continue using SEPA services after the discontinuation date. However, the current methods for depositing and withdrawing other fiat currencies, as well as buying and selling crypto on Binance.com, will not be affected until then.
Binance clarified that this announcement about euro payments is unrelated to its recent exit from multiple countries in the European Union. The exchange has faced regulatory challenges worldwide, resulting in its cessation of operations in various countries.
Binance recently left the Netherlands, with only fund withdrawals permitted for Dutch customers starting from July 17. The exchange was also ordered to halt services in Belgium, and the director of Binance Brazil was summoned to appear before the Brazilian parliament in relation to ongoing investigations into alleged pyramid schemes.
Meanwhile, Binance Dubai’s general manager highlighted that the United Arab Emirates is positioning itself as an attractive destination for crypto businesses, with regulatory clarity and a more open approach to digital assets, amid the uncertainty faced by Binance globally.
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