July 16, 2024
Binance Struggles to Find French Banking Partner After Paysafe Split
Latest Cryptocurrency News

Binance Struggles to Find French Banking Partner After Paysafe Split

Binance France is urging its users to promptly convert their fiat holdings to cryptocurrencies following the termination of its partnership with Paysafe, a euro banking partner. The alliance, which facilitated euro deposits and withdrawals through SEPA bank transfers, ended on September 25. Although the partnership’s conclusion was announced in late June, Binance France has yet to secure a new partner.

The company’s spokesperson confirmed on September 26 that Binance France recommends users switch their fiat balances to cryptocurrencies without incurring fees as soon as possible. Users have reported an automatic pop-up window suggesting the conversion when they launch the mobile app.

“Binance is working as quickly as possible to onboard its new partners and will have an update in the very near future.”

In August, Binance faced difficulties with fiat withdrawals in Europe, leading to the suspension of euro withdrawals and deposits via SEPA due to a lack of payment provider support. Binance has been grappling with regulatory challenges, especially in Europe, and has faced scrutiny over its alleged non-compliance with financial sanctions related to Russia. In June, the exchange exited the Netherlands and halted services in Belgium following regulatory orders. On September 27, Binance announced its complete withdrawal from Russia by selling its firm to the newly established crypto exchange, CommEX.

Image by wirestock on Freepik

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