Binance to Lose Support of its EUR Banking Partner in September
- Binance’s current banking partner for euro deposits and withdrawals via the SEPA network, Paysafe, said it will stop its support for the exchange on 25 September.
- Binance said it will be changing its EUR banking partner, and assured users that no other services on its platform will be affected.
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The current euro banking partner of Binance, Paysafe Payment Solutions, will stop supporting EUR payments to and from the exchange in September, Binance said in an email sent to customers on 29 June.
According to the announcement, Paysafe will no longer provide EUR deposit and withdrawals services via SEPA bank transfers to Binance customers starting 25 September, 2023. The popular crypto exchange noted that it will be changing its EUR banking partner, although it did not name a potential new service provider for SEPA, a cross-border payment network for euro transfers. The company wrote in the email:
“Only EUR deposit and withdrawal functions provided by Paysafe, for example via Bank Transfer (SEPA), are affected. No other Fiat deposit or withdrawal services will be affected at this time. We apologize in advance for any temporary inconvenience as we change service provision from Paysafe to another provider”.
The exchange assured users that this change will not affect their Binance Account, or any other products and services available on its trading platform. A Binance spokesperson noted that after 25 September, users will need to update the banking details the use to deposit funds to their accounts, as well as accept new terms and conditions, if they wish to continue using SEPA services.
Paysafe’s decision to stop its support for the exchange comes as Binance is facing backlash from financial regulators both in the U.S. and Europe. On 16 June the exchange announced it will be leaving the Netherlands, and less than a week later was ordered to stop providing services in Belgium. Last month, the company also lost its access to Australia’s banking system with no prior warning, and was forced to suspend Australian dollar (AUD) deposits on its platform.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.