March 27, 2024
Binance Resumes Euro Services with New Fiat Partners
Latest Cryptocurrency News

Binance Resumes Euro Services with New Fiat Partners

Binance, a prominent cryptocurrency exchange, has revealed its new partners for handling euro deposits and withdrawals, one month after losing its previous fiat partner, PaySafe, in September.

In an announcement made on October 19, Binance disclosed that it had entered into agreements with fresh fiat partners to facilitate euro payments, deposits, and withdrawals. This development came in response to regulatory challenges and difficulties in the European Union, where the exchange had to seek alternative banking partners after the loss of support from PaySafe.

While Binance did not specify the names of these new partners, the announcement highlighted that the services offered by these partners include euro deposits and withdrawals via Open Banking and SEPA/SEPA Instant. Users can also engage in cryptocurrency trading using the Single Euro Payments Area (SEPA), bank cards, fiat balances, and trade euro spot pairs.

Previously, in late September, Binance had urged European users to convert their euros into Tether by the end of October. However, this latest announcement suggests that this conversion might no longer be necessary.

Nevertheless, some users reported ongoing issues with depositing euros after this announcement. Additionally, users inquired about fiat partners for the British pound in the United Kingdom.

It’s worth noting that Paysafe had stopped supporting transactions in British pounds back in May due to concerns raised by U.K. financial regulators regarding their partnership with Binance. As of October 16, Binance suspended access to its exchange for new users based in the United Kingdom.

This decision came in response to the termination of a partnership with a third party responsible for approving communications on the platform, in line with new regulations from the Financial Conduct Authority (FCA), the country’s financial watchdog. Binance is still working on sourcing fiat partnerships for its U.K. exchange, where British users are currently unable to deposit pounds.

Image by rawpixel.com on Freepik

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