Binance, the cryptocurrency exchange, has recently announced that it will be withdrawing or pulling back from its operations in the United Kingdom, Netherlands, and Cyprus. In simpler terms, they will no longer be actively operating in these countries.
Binance, the cryptocurrency exchange, will no longer receive support from its current EUR banking partner, Paysafe Payment Solutions Limited, after September 25. In simpler terms, the partnership between Binance and its banking partner for handling EUR transactions will come to an end after September 25.
Binance, the cryptocurrency exchange, has announced that it will be switching to a new provider for EUR deposits and withdrawals through Bank Transfer (SEPA). Starting from September 25, 2023, Binance’s current partner, Paysafe, will no longer offer these services to users of the exchange. In simpler terms, Binance is making a change in its banking provider for handling EUR transactions, and Paysafe will no longer provide those services after September 25, 2023.
During that time, Binance users will be required to update the banking details they use for depositing funds into their Binance accounts. Additionally, they may need to agree to new terms and conditions in order to continue using SEPA services after the specified date. In simpler terms, Binance users will need to make changes to their banking information and agree to new terms and conditions if they want to continue using SEPA services after that date.
SEPA stands for Single Euro Payments Area, which is a payment network designed for euro transactions across countries within the European Union. It enables integrated and seamless cross-border payments within the EU. In simpler terms, SEPA is a system established by the European Union that allows for easy and efficient euro transactions between different countries in the EU.
Binance notification to users (Binance)
Binance, the biggest cryptocurrency exchange globally, has encountered regulatory challenges in Europe and the United States. Recently, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, Binance.US, and CEO Changpeng “CZ” Zhao. The lawsuit alleges violations of federal securities laws, including accusations of offering unregistered securities and mixing customer funds.
Following the regulatory backlash, Binance has made announcements to scale back its operations. They have decided to retreat from the United Kingdom, the Netherlands, and Cyprus. Additionally, Belgium’s market watchdog has ordered Binance to cease offering cryptocurrency services in the country. In simpler terms, Binance is pulling out of certain countries like the UK, Netherlands, and Cyprus, and has been directed to stop providing crypto services in Belgium by the local market regulator.
According to a report by the Financial Times, in February 2022, the financial regulator in the United Kingdom expressed concerns about Binance gaining access to the country’s main payments network. This occurred after Binance struck a deal with Paysafe. In simpler terms, the UK financial regulator raised concerns when Binance partnered with Paysafe, as it could potentially grant Binance access to the primary payments network in the country.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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