Binance says goodbye to its euro banking partner.
Cryptocurrency exchange Binance is set to lose support from its existing euro banking partner, Paysafe Payment Solutions, according to communications issued by the crypto exchange to its users.
In customer emails, Binance revealed that the support from Paysafe for euro transactions will conclude after September 25th, 2023.
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While the crypto exchange has revealed plans to transition to a new service provider for euro deposits and withdrawals via SEPA bank transfer, it has yet to disclose the identity of this new partner.
When asked about the implications for users once Paysafe withdraws its services, Binance's spokesperson noted:
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.
Despite the shift, Binance assures that existing methods of depositing, withdrawing in other fiat currencies, and trading cryptocurrencies on Binance.com will “remain unaffected.”
The crypto exchange also clarified that the change in euro banking providers is "not related" to Binance's recent exit from several European Union countries.
In recent times, Binance has confronted a series of regulatory challenges across the globe, resulting in a suspension of services in several countries.
For instance, on June 16th, Binance withdrew from the Netherlands. The move was soon followed by a directive from Belgian officials ordering the crypto exchange to cease all services.
Adding to the tumult, the Brazilian parliament summoned Binance Brazil's director over investigations into alleged pyramid schemes. Meanwhile, in Australia, Binance’s local branch was unexpectedly severed from the country’s banking system.
Despite the turbulence, Binance remains optimistic about some markets. The crypto exchange is eyeing the United Arab Emirates as its new strategic hub.
As Binance prepares for a transition away from its current euro banking partner, Paysafe, the crypto exchange faces a series of regulatory hurdles globally.
