Binance, one of the world’s largest cryptocurrency exchanges, has confirmed that its current EUR banking partner Paysafe will cease support for the exchange from September 25. As a result, Binance will change its provider for EUR deposit and withdrawal services via European Single Euro Payment Area (SEPA) bank transfers.
Paysafe ends support for Binance
The news was communicated to Binance’s customers in an official announcement by the exchange. This move means users will need to update their new bank details to deposit funds into their Binance accounts and may need to comply with the new terms and conditions to continue using the SEPA service after that date. SEPA, or Single Euro Payment Area, is a system that allows non-cash Euro transfers to any account in the European region. It provides a safe, fast and cost-effective way to perform transactions.
However, this isn’t the first time Binance has encountered a glitch in its service due to partners that have cut their support. In March, Binance announced a temporary suspension of GBP deposits and withdrawals as Paysafe ceased support. Similarly, Binance Australia experienced disruptions to its payment services after an Australian bank cut ties with the exchange in mid-May.
These latest developments come at a time when Binance is under intense regulatory scrutiny from regulatory authorities in the United States and Europe. Alleging multiple violations of federal securities laws, including operating an unregistered securities exchange and mixing client funds with the exchange’s own funds, earlier this month against the US Securities and Exchange Commission (SEC), Binance, Binance.US, and CEO Changpeng Zhao. filed a lawsuit.
Stock market withdrew from many countries
Since then, Binance has announced its withdrawal from the UK, Netherlands, Cyprus and Austria. In addition, cryptocoin.com As we reported, Belgium’s market supervisor has ordered Binance to stop providing cryptocurrency services within the country, and there are rumors that a serious money laundering investigation is being conducted by France. Finally, the stock market faced turbulence in Brazil. According to the Financial Times, in February 2022, the UK’s financial regulator expressed concerns about Binance gaining access to the country’s main payments network after it struck a deal with Paysafe.
A series of disruptions and legal challenges faced by Binance has undoubtedly created a turbulent environment for the exchange. These developments highlight the increasing scrutiny and regulatory pressure facing cryptocurrency exchanges around the world, pointing to the need for stronger compliance measures and regulatory oversight in the industry.
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