Binance Changed EUR Banking Partner Due To Paysafe Stop Serving From Sep 25

Key Points:

• Binance will replace the euro-denominated deposit and withdrawal service provider via bank transfer (SEPA).
• The announcement comes after the current EUR banking partner, Paysafe announced to stop serving the exchange from September 25.
• Under legal repression in the US and Europe, the exchange recently withdrew from the UK, the Netherlands, and Cyprus.

In a notice sent to customers, Binance will replace the provider of euro deposits and withdrawals via bank transfer (SEPA).

The decision comes after the cryptocurrency exchange’s current euro banking partner Paysafe Payment Solutions Limited, will cease providing services on September 25, 2023.

“We are contacting you to let you know that we will change the provider for EUR deposits and withdrawals. Our current EUR fiat payments partner, Paysafe Payment Solutions Limited (Paysafe), will stop offering SEPA deposit services to Binance users from September 25, 2023.” Exchange’s announcement for users to write.

At that time, users will need to update their bank details to deposit funds into their Binance account and may have to accept new terms and conditions in order to continue using SEPA services after this date.

SEPA, short for Common Euro Payments Area, is the European Union’s integrated cross-border payments network for Euro transactions.

The world’s largest cryptocurrency exchange by trading volume has faced backlash from financial regulators in Europe and the United States. Earlier this month, the US Securities and Exchange Commission (SEC) sued Binance, Binance.US, and CEO Changpeng Zhao for violating multiple federal securities laws.

The exchange has announced its withdrawal from the UK, the Netherlands, and Cyprus, while the Belgian market watchdog has ordered this exchange to stop offering crypto services in the country. The Netherlands also announced that it would open a wide-ranging investigation into exchange to investigate securities violations.

Earlier, the UK’s financial regulator expressed concern about Binance gaining access to the country’s leading payments network after the exchange reached an agreement with Paysafe.

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