Binance Faces Loss of Euro Banking Partner’s Support

Paysafe Payment Solutions, the current euro banking partner of cryptocurrency exchange Binance, will no longer provide support to the platform, according to recent communications sent to Binance users.

In emails received by customers, Binance stated that euro support offered by Paysafe will come to an end on September 25, 2023. The exchange plans to transition to a new service provider for euro deposits and withdrawals via SEPA bank transfer, although the specific provider was not disclosed.

A spokesperson from Binance informed CryptoGrafos that users should anticipate certain changes when the service is discontinued:

“Users will need to update their banking details for deposits to their Binance accounts and may be required to accept new terms and conditions in order to continue using SEPA services after this date.”

Until the transition, Binance assured users that all current methods of depositing and withdrawing other fiat currencies, as well as buying and selling cryptocurrencies on Binance.com, will remain unaffected.

Binance clarified to CryptoGrafos that this announcement regarding euro payments is unrelated to the exchange’s recent withdrawal from several European Union countries.

Over the past months, Binance has faced regulatory challenges from authorities worldwide, leading to the suspension of operations in various jurisdictions.

On June 16, the exchange revealed its exit from the Netherlands, with only fund withdrawals permitted for Dutch customers starting from July 17.

Shortly after, authorities in Belgium ordered Binance to halt all services within the country.

In addition, the director of Binance Brazil was summoned to appear before the Brazilian parliament as part of ongoing investigations into alleged pyramid schemes in the country.

Meanwhile, Binance’s Australian branch faced unexpected exclusion from the country’s banking system, prompting the search for a new third-party payment provider.

Amidst the global uncertainty, Alex Chehade, the general manager of Binance Dubai, highlighted the United Arab Emirates as an attractive destination for crypto businesses due to its regulatory clarity and open stance towards digital assets.

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