Binance fully resumes euro and pound bank transfers

Binance said it has now fully resumed bank transfers for account holders in Europe, eight months after suspending the service following pressure from regulators.

According to an announcement today, Binance’s European users — except those in Switzerland and The Netherlands — now have access to both euro and British pound deposits and withdrawals via the Single Euro Payment Area (SEPA) and Faster Payment Services (FPS) rails. 

SEPA and FPS allow users in Europe to make euro and pound transfers via their bank accounts. Binance said new deposits and withdrawals will take place via a partnership with UK payments company Paysafe.

Binance also said it has plans to expand SEPA bank transfers to its corporate clients as the service is currently limited to retail customers. The exchange first tested SEPA bank transfers in January, in preparation for Monday’s full-service rollout.

Bank transfers will have to be at least 3 EUR or 3 GBP to cover transaction fees, the company added in its announcement.

The news marks the resumption of fiat on-ramp access for Binance in Europe after the regulatory issues that characterized the exchange’s operations last year.