Binance grapples with Western regulatory challenges and debanking issues.
EUR withdrawals from Binance accounts remain unaffected by these changes.
Binance, the world’s largest cryptocurrency exchange, has issued a call to action for its European users holding euros. The exchange advises users to convert their euro balances into Tether (USDT) before the end of October. This move comes as a result of it losing the support of its banking partner, Paysafe.
On September 28, Binance made the announcement, stating that Paysafe had unilaterally decided to cease processing euro deposits for users. As a result, Binance users in Europe who hold euros will no longer be able to engage in EUR spot trading pairs starting from September 28, 4:00 AM UTC.
Additionally, all open orders involving euros will be canceled one hour later. The functionality of Binance Convert, which operates as a token swap platform, will also be restricted to EUR transactions.
While Paysafe suspended euro deposits on September 25, they had previously facilitated fiat deposits and withdrawals for users across Europe. It includes bank transfers in the European Union’s Single Euro Payments Area (SEPA).
What’s Next ?
Binance has assured its users that they can continue to withdraw their euro balances from their accounts to their bank accounts. However, to avoid disruptions in their trading activities, Paysafe users are strongly advised to convert their euros to Tether (USDT) before the October 31 deadline.
Binance is actively working to integrate new fiat channels onto its platform in the near future. In another recent move, it also made headlines by announcing its exit from the Russian market. It sold its assets to a newly established exchange called CommEX. These developments add to Binance’s ongoing regulatory challenges. And issues with banking partners in Western markets, underlining the evolving landscape of the cryptocurrency exchanges.