Binance, a cryptocurrency exchange, has called on its European Paysafe users to convert their euro balances into USDT (Tether) by the end of October. This announcement comes after Paysafe unilaterally decided to cease processing euro deposits for Binance users.
Binance specified that users can still withdraw their euro balances from their Binance accounts to their bank accounts. They emphasized the importance of Paysafe users taking appropriate action in advance.
As of September 28, starting at 4:00 a.m. UTC, Paysafe users will no longer have the ability to engage in euro spot trading pairs, and any open orders will be canceled one hour later. Binance Convert, which operates similarly to a token swap, will also be subject to the trading restrictions related to euros.
Paysafe initially suspended euro deposits on September 25. The company had previously offered fiat deposit and withdrawal services to Binance users in Europe, including facilitating bank transfers through the European Union's Single Euro Payments Area (SEPA).
This move by Binance follows a series of regulatory and banking challenges it has been facing in Western markets. Paysafe had already ceased support for sterling trading in May due to concerns raised by UK financial regulators.
In June, Binance announced its withdrawal from the Netherlands, and shortly thereafter, Belgian authorities ordered the exchange to stop offering its services. However, it was announced on September 26 that new registrations would be reopened for Belgian residents.
