European Binance users can once again make euro payments, deposits, and withdrawals after several months of service disruption caused by PaySafe.
Binance, a cryptocurrency exchange, recently shared that it has secured new partners to handle euro deposits and withdrawals. This development comes after the loss of its previous fiat partner, PaySafe, back in September. In an announcement made on October 19, Binance stated that they’ve inked agreements with new partners to manage euro payments and transactions.
The change is a response to regulatory challenges in the European Union, which prompted Binance to seek new banking partners after parting ways with PaySafe. Binance noted that users have already begun transitioning to the services offered by these “new regulated and authorized fiat partners.” While the specific partner firms were not mentioned in the announcement, this move signifies an effort to ensure continued euro support for Binance users.
More EUR fiat channels have arrived on #Binance
We’re proud to announce that we’ve entered into agreements with multiple new EUR partners to provide deposit, withdrawal, and payment services, making your experience even more seamless.
Find out more 👇https://t.co/jKh2QxH3sN
— Binance (@binance) October 19, 2023
The announcement highlighted that the new partners would provide various fiat services, such as allowing users to make EUR deposits and withdrawals through Open Banking and SEPA/SEPA Instant. This means European users can conveniently manage their euros on the platform.
Users on Binance now have the option to buy and sell cryptocurrencies using SEPA, bank cards, and their fiat balances. They can also trade EUR spot pairs.
Back in late September, Binance had advised its European users to convert their euros into Tether (USDT) by the end of October. However, the recent announcement may indicate that this is no longer necessary.
Despite the announcement, some users have reported ongoing difficulties with depositing euros, while others have inquired about fiat partners for the British pound in the UK.
In May, Paysafe ceased supporting transactions in British pounds due to concerns raised by UK financial regulators. On October 16, Binance halted access to its exchange for new UK users. This decision came after the termination of a partnership with a third party responsible for authorizing communications on its platform, in compliance with new local regulations set by the UK’s Financial Conduct Authority (FCA).
As of now, Binance has not secured fiat partnerships for its UK exchange, leaving British users unable to deposit GBP.
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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