Cryptocurrency exchange Binance is trying to overcome challenges arising from regulatory and lending issues in the European Union. To this end, it announced new partnerships to manage euro deposits and withdrawals. These developments come after the exchange lost support from its previous fiat partner PaySafe in September.
Binance took a critical step
Binance shared the news on October 19. Accordingly, he announced that they signed agreements with new fiat partners to facilitate euro payments, deposits and withdrawals. The stock exchange did not specify the names of the new companies it partnered with. But he assured users that they have already started switching to these regulated and authorized fiat partners.
More EUR fiat channels have arrived on #Binance
We’re proud to announce that we’ve entered into agreements with multiple new EUR partners to provide deposit, withdrawal, and payment services, making your experience even more seamless.
Find out more 👇https://t.co/jKh2QxH3sN
— Binance (@binance) October 19, 2023
The services offered by these new partners were also included. This includes the ease of depositing and withdrawing euros through Open Banking and SEPA/SEPA Instant. Additionally, users can now buy and sell cryptocurrencies using SEPA (Single Euro Payment Area), debit cards and fiat balances. This development is particularly important as it allows trading in EUR spot pairs.
previous advice
Previously, Binance advised its European users to convert their euros to Tether (USDT) before the end of October. However, with this latest announcement, it appears that such conversions may no longer be necessary. Despite the positive news, some users reported persistent problems depositing euros. Additionally, there have been questions about fiat partnerships for transactions involving British pounds in the United Kingdom.
Paysafe withdrew support for transactions in British pounds sterling in May due to concerns raised by UK financial regulators. As a result, Binance suspended access for new users in the United Kingdom on October 16 following the end of a partnership with a third party, as mandated by the Financial Conduct Authority (FCA).
The struggle of the stock market continues
However, Binance has not yet provided fiat partnerships for its UK platform, where UK users continue to face limits on GBP deposits. It remains unclear how this problem will be solved in the coming days.
Binance’s latest fiat partnerships for euro transactions attract attention. When we look at Kriptokoin.com, the issue of addressing regulatory challenges is especially on the agenda. The Binance move is an important step towards providing a more seamless experience for its European user base. It is not yet clear whether the exchange will establish similar partnerships for the British pound in the UK. However, when we look at the developments, Binance will try to find a solution for this.
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