Binance's European Banking Partner Pulls the Plug on Euro Transactions

Binance Seeks New Provider

In a recent blow to Binance, its European banking partner, Paysafe, has announced its decision to cease providing euro deposits and withdrawals through bank transfers effective September 25. 

Cryptocurrency exchange Binance said that it would switch to a new provider for euro deposits and withdrawals and would provide updates on the situation "in due course.” However, all other methods of depositing and withdrawing fiat currencies, as well as buying and selling cryptocurrencies on Binance.com, remain unaffected for now.

Last year, Binance established a partnership with Paysafe to enable its users to deposit sterling via Faster Payments, a network overseeing payments and bank account transfers in Britain. This move aimed to provide more convenient options for Binance's users in the UK.

Paysafe's decision to withdraw support for euro transactions has now raised concerns about the future of Binance's European operations. Binance clarified that this latest development concerning euro payments is not linked to its recent departure from several countries.

The exchange has been under increased scrutiny from regulators for allegedly being involved in money laundering activities. However, recently, Binance and its U.S. affiliate reached an agreement with the Securities and Exchange Commission (SEC) to ensure that U.S. customer assets remain within the country until the resolution of a comprehensive lawsuit filed by the regulatory agency.

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