Binance, a major cryptocurrency exchange, has announced its new partnership to facilitate euro deposits and withdrawals. This decision comes after a recent setback in the form of its previous fiat partner, PaySafe, withdrawing support in September. In a statement on October 19. Binance revealed that it had entered into agreements with new fiat partners, aiming to restore euro payment services for deposits and withdrawals.
The move follows the challenges Binance has faced due to evolving EU regulations and de-banking issues. The exchange was compelled to seek a new banking partner after losing PaySafe's support in September. While the official statement from Binance mentions the migration of users to new services provided by "many new regulated and authorized fiat partners," the specific companies involved were not disclosed. The new partnerships facilitate cryptocurrency trading via the Single Euro Payments Area (SEPA), card payments, and fiat balances, in addition to trading euro spot pairs.
In late September, Binance advised European users to convert euros into Tether before the end of October, though the recent announcement suggests that this may no longer be necessary. However, there have been reports of some users experiencing difficulties depositing euros following this announcement, and others have inquired about fiat partners supporting UK GBP.
Paysafe had ceased support for sterling trading in May, as concerns were raised by the UK's financial regulator regarding the partnership. Notably, on October 16. Binance suspended access to its exchange for new users from the UK. This action was taken after the Financial Conduct Authority (FCA), the country's regulator, terminated a partnership with a third party tasked with verifying communications on the platform under new local rules. Binance is yet to secure a legal partner for its UK exchange, and British users remain unable to deposit pounds into the platform.
