Binance's Euro Banking Partner to Cease Support, Prompting Switch to New Provider

Binance is set to lose its European banking partner, Paysafe Payment Solutions.

In emails sent to customers, Paysafe has announced that it will stop offering its embedded wallet solution to Binance across the European Economic Area (EEA) starting September 25.

This move will prompt Binance to find a new provider for euro deposits and withdrawals via the Single Euro Payments Area (SEPA).

The decision comes amidst increased regulatory scrutiny faced by Binance regarding money laundering concerns. Despite these challenges, Binance remains committed to maintaining its services for its users.

Binance Loses Euro Banking Partner

Paysafe Payment Solutions has revealed its intention to terminate its services with Binance.

As stated by Paysafe, the decision is part of an effort to establish an orderly and fair process for ending their partnership over the coming months.

Coindesk reports that Binance will seek a new provider for facilitating euro deposits and withdrawals through SEPA, a popular payment system used across the European Union, in response.

While the identity of the new service provider remains undisclosed, Binance is expected to make the transition as seamless as possible for its users.

What We Know

Reuters tells us that Binance users relying on Paysafe for euro transactions should take note of the upcoming changes. According to Binance, Paysafe's support for euro payments will cease after September 25, 2023.

Users will need to update their banking details used for deposits to ensure uninterrupted access to SEPA services.

It is also possible that users will be required to accept new terms and conditions associated with the new provider.

However, Binance assures users that all other existing deposit and withdrawal methods for fiat currencies, as well as buying and selling cryptocurrencies, will remain unaffected during this transition.

This announcement regarding the termination of euro payment support from Paysafe is separate from Binance's recent decision to exit multiple European countries.

Multiple Binance Operations Shutting Down

Binance has faced significant regulatory challenges in recent months, leading to the suspension of its operations in various jurisdictions.

The exchange recently withdrew from the Netherlands, restricting Dutch customers only to withdraw funds from the platform.

Additionally, authorities in Belgium ordered a halt to Binance's services. The exchange also pulled the plug on its Canada operations earlier this year.

The Brazilian parliament also summoned Binance's Brazilian director for an investigation into alleged pyramid schemes. The exchange's US arm also announced a halt in crypto transactions earlier this month.

The local Binance branch experienced a sudden disconnection from the country's banking system in Australia. The exchange is currently in the process of finding a new third-party payment provider for Australian users.

What's In the News

Binance's partnership with Paysafe Payment Solutions for euro banking services is coming to an end, prompting the exchange to search for a new provider. Binance users must update their banking details to avoid disruptions to their SEPA services.

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