Summary

• Binance banking troubles continue as Paysafe, its banking partner, unilaterally stops processing EUR deposits for Binance users, leading Binance to urge users to convert their EUR balances to Tether (USDT) by October 31.

Crypto exchange Binance is facing another challenge as it urges users to swiftly convert their euros into Tether (USDT) before the end of October. The move comes after Binance lost the support of its banking partner, Paysafe.

According to a September 28 announcement, Binance stated that Paysafe had "unilaterally decided to stop processing EUR deposits for Binance users." Paysafe users were advised to convert their Binance EUR balances to USDT by October 31.

While users can still withdraw their EUR balances to their bank accounts, they will no longer be able to trade EUR spot trading pairs as of September 28. Open orders in EUR trading pairs will also be canceled. Binance Convert, which facilitates token swaps, will face restrictions for EUR transactions.

Paysafe had previously enabled fiat deposits and withdrawals for Binance users in Europe, including via SEPA bank transfers. This latest setback adds to Binance's ongoing regulatory and debanking issues in the Western markets.

Earlier this year, Paysafe also suspended support for transactions in British pounds due to concerns raised by UK financial regulators. In addition to the Paysafe ordeal, Binance faced challenges in the Netherlands and Belgium, with services being ordered to halt but later reopening for Belgian residents.