Binance's current EUR banking partner, Paysafe Payment Solutions Limited, will stop supporting the crypto exchange after September 25.
Paysafe Ends Support for Binance on September 25
Binance will change provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner Paysafe will no longer provide these services to Binance users as of September 25, 2023.
A spokesperson for the stock market said in a statement:
Our users will need to update the bank details they use to deposit funds into their Binance accounts and may need to accept the new terms and conditions to continue using SEPA services after that date.”
SEPA, short for Single Euro Payments Area, is the European Union's integrated, cross-border payment network for euro transactions.
This development comes after Binance, the world's largest crypto exchange by trading volume, faced backlash from financial regulators in Europe and the US.
Earlier this month, the US Securities and Exchange Commission (SEC) accused Binance, Binance.US, and CEO Changpeng “CZ” Zhao for violating multiple federal securities laws, including allegations of offering unregistered securities and mixing client funds. had sued.
Since then, the exchange has announced its withdrawal from the UK, Netherlands, and Cyprus, while Belgium's market watcher has ordered Binance to stop offering crypto services in the country.
In February 2022, the UK's financial regulator expressed concerns about Binance gaining access to the country's primary payment network after the exchange struck a deal with Paysafe, the Financial Times reported.
*Not investment advice.