One month after the termination of its services by PaySafe, Binance, the crypto exchange giant, has good news for its European users. Binance has successfully onboarded new partners to facilitate euro payments, deposits, and withdrawals.
The move comes as a relief after a period of regulatory and debanking challenges faced by Binance in the European Union. In the wake of losing support from PaySafe in September, the exchange had to seek new banking partners. On October 19, Binance officially revealed that it had inked agreements with these new fiat partners, though it didn’t disclose their identities.
These fresh partnerships are designed to provide users with various euro-related services, including euro deposits and withdrawals through Open Banking and SEPA/SEPA Instant. Furthermore, users can conduct crypto transactions via the Single Euro Payments Area (SEPA), use bank cards, maintain fiat balances, and engage in trading activities involving euro spot pairs.
In the past, Binance had urged its European users to convert their euros into Tether, but this latest development indicates that such a step might no longer be necessary. However, there have been reports of some users still encountering difficulties when depositing euros, and questions have arisen regarding fiat partners for transactions involving the British pound in the United Kingdom.
It’s important to note that Paysafe had withdrawn support for transactions in British pounds in May due to concerns raised by U.K. financial regulators. This issue continues to persist, as Binance is yet to secure fiat partnerships for its U.K. exchange. Consequently, British users are still unable to deposit pounds into the platform.
Additionally, Binance recently suspended access to its exchange for new users based in the United Kingdom following the termination of a partnership with a third party, which was responsible for authorizing communications on its platform in compliance with new local regulations established by the country’s financial watchdog, the Financial Conduct Authority (FCA). The search for suitable fiat partners in the U.K. is ongoing, with the hope of resolving this situation for British users.