Binance to Lose Support of Its Euro Banking Partner
In a surprising turn of events, the cryptocurrency exchange Binance has informed its users that Paysafe Payment Solutions, its current euro banking partner, will cease to provide support to the exchange.
Switching to a New Euro Service Provider
According to the emails issued to customers by Binance, euro support provided by Paysafe is set to conclude after September 25, 2023. However, Binance has assured its users that it will switch to a new service provider for EUR deposits and withdrawals through SEPA bank transfers, though it hasn’t disclosed the name of this new service provider.
As per a Binance spokesperson, “Users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.”
No Impact on Other Fiat Currencies and Crypto Transactions
Binance confirmed that all the current methods of depositing and withdrawing other fiat currencies, along with buying and selling crypto on Binance.com, will “remain unaffected.”
Not Related to Recent Departures from EU Countries
The latest announcement from Binance concerning euro payments is reportedly “not related” to the exchange’s recent departure from multiple countries within the EU.
Facing Waves of Regulatory Backlash
In recent months, Binance has been on the receiving end of a wave of backlash from global regulators, leading to a halt in operations in several countries. On June 16, the exchange announced its departure from the Netherlands, restricting Dutch customers to withdrawals only from July 17 onwards. Belgium soon followed suit with an order to halt all services.
Global Challenges and a Ray of Hope in Dubai
The Brazilian director of Binance has been summoned before the local parliament as part of ongoing investigations into alleged pyramid schemes within the country. In Australia, the local Binance branch has been abruptly cut off from the country’s banking system, pushing the search for a new third-party payment provider into overdrive.
However, amid all these global uncertainties, Alex Chehade, Binance Dubai’s general manager, has highlighted the UAE’s potential as a prime destination for crypto businesses, due to its regulatory clarity and open stance towards digital assets.