Binance, the prominent cryptocurrency exchange, is actively searching for a new banking partner in Europe following an announcement from Paysafe Payment Solutions, a global payment service provider, that it will withdraw its support for Binance.
Paysafe cited a strategic review as the reason behind the decision and stated that an orderly and fair process would be implemented to terminate the service over the next few months. Binance confirmed the development and shared that Paysafe would cease providing EUR deposits and withdrawals via Bank Transfer (SEPA) to Binance users starting from September 25, 2023.
SEPA, short for Single Euro Payments Area, is a cross-border payment network designed to facilitate seamless and efficient euro transactions within the European Union. It was established to simplify payment transfers between European countries.
The termination of SEPA support by Paysafe means that Binance users will need to update their banking details for depositing funds into their accounts and may be required to accept new terms and conditions to continue using SEPA services after the specified date.
Binance has recently been in the spotlight due to various operational changes. The exchange announced its withdrawal from Cyprus and terminated operations in the Netherlands after failing to obtain a virtual asset service provider (VASP) license.
Additionally, Binance Markets Limited, the UK subsidiary of the exchange, canceled unused permissions it held with the Financial Conduct Authority (FCA), rendering it unable to provide regulated activities and products in the UK.
Apart from operational changes, Binance is also grappling with legal challenges. The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the exchange, alleging violations of U.S. securities laws. Furthermore, French authorities are investigating Binance for multiple offenses, including “aggravated money laundering.”
Despite these challenges, Binance assures its users that all other methods of depositing and withdrawing fiat currencies, as well as buying and selling cryptocurrencies on Binance.com, remain unaffected. Users can continue to utilize bank transfers using other supported fiat currencies and purchase or sell cryptocurrencies directly through credit or debit card transactions.
In light of Paysafe’s decision to withdraw its support for Binance, the cryptocurrency exchange is actively seeking a new banking partner in Europe. Binance users relying on SEPA services are advised to update their banking details and familiarize themselves with any new terms and conditions introduced.
While Binance faces various legal and operational challenges, the exchange assures its users that it remains fully functional for most of its services. Further updates regarding the new banking partner will be shared by Binance in due course
Binance Seeks New European Banking Partner as Paysafe Ends Support
Binance, the prominent cryptocurrency exchange, is actively searching for a new banking partner in Europe following an announcement from Paysafe Payment Solutions, a global payment service provider, that it will withdraw its support for Binance.
Paysafe cited a strategic review as the reason behind the decision and stated that an orderly and fair process would be implemented to terminate the service over the next few months. Binance confirmed the development and shared that Paysafe would cease providing EUR deposits and withdrawals via Bank Transfer (SEPA) to Binance users starting from September 25, 2023.
SEPA, short for Single Euro Payments Area, is a cross-border payment network designed to facilitate seamless and efficient euro transactions within the European Union. It was established to simplify payment transfers between European countries.
The termination of SEPA support by Paysafe means that Binance users will need to update their banking details for depositing funds into their accounts and may be required to accept new terms and conditions to continue using SEPA services after the specified date.
Binance has recently been in the spotlight due to various operational changes. The exchange announced its withdrawal from Cyprus and terminated operations in the Netherlands after failing to obtain a virtual asset service provider (VASP) license.
Additionally, Binance Markets Limited, the UK subsidiary of the exchange, canceled unused permissions it held with the Financial Conduct Authority (FCA), rendering it unable to provide regulated activities and products in the UK.
Apart from operational changes, Binance is also grappling with legal challenges. The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the exchange, alleging violations of U.S. securities laws. Furthermore, French authorities are investigating Binance for multiple offenses, including “aggravated money laundering.”
Despite these challenges, Binance assures its users that all other methods of depositing and withdrawing fiat currencies, as well as buying and selling cryptocurrencies on Binance.com, remain unaffected. Users can continue to utilize bank transfers using other supported fiat currencies and purchase or sell cryptocurrencies directly through credit or debit card transactions.
In light of Paysafe’s decision to withdraw its support for Binance, the cryptocurrency exchange is actively seeking a new banking partner in Europe. Binance users relying on SEPA services are advised to update their banking details and familiarize themselves with any new terms and conditions introduced.
While Binance faces various legal and operational challenges, the exchange assures its users that it remains fully functional for most of its services. Further updates regarding the new banking partner will be shared by Binance in due course