July 21, 2024
Binance Urges Euro Users to Convert to USDT Amid Paysafe Debanking
Latest Cryptocurrency News

Binance Urges Euro Users to Convert to USDT Amid Paysafe Debanking

Crypto exchange Binance has advised its European Paysafe users to convert their euro (EUR) balances into Tether (USDT) by the end of October due to the loss of support from its banking partner, Paysafe.

Paysafe unilaterally decided to stop processing EUR deposits for Binance users. While users can still withdraw EUR balances from their Binance accounts to their bank accounts, several limitations will apply.

“Paysafe users are advised to take appropriate actions in advance.”

Starting from September 28 at 4:00 AM UTC, Paysafe users won’t be able to trade EUR spot trading pairs on Binance, and open orders will be canceled an hour later. Binance Convert, which functions like a token swap, will also be restricted for EUR transactions.

Paysafe had suspended euro deposits on September 25. Previously, Paysafe had facilitated fiat deposits and withdrawals for Binance users in Europe, including through bank transfers within the European Union’s Single Euro Payments Area (SEPA).

Binance mentioned that they are actively working to integrate new fiat channels onto their platform in the future.

This development adds to Binance’s ongoing challenges related to regulations and banking partnerships in Western markets, and it follows previous issues with Paysafe, including the suspension of transactions in British pounds earlier in the year.

Image By WangXiNa

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