Binance Urges Users to Convert Their Euro Balances to USDT After Paysafe Ends Partnership
Binance’s Request to European Users
Crypto exchange Binance has asked European users using Paysafe to convert their Euro holdings to USDT before the end of next month. The decision comes after the trading platform’s banking partner stopped processing Euro transactions for Binance customers.
Earlier this week, Paysafe announced it had suspended Euro deposits. Before the announcement, the bank had been processing fiat withdrawals and deposits for Binance clients in Europe.
Meanwhile, Binance says it is already looking for a new banking partner to facilitate Euro transactions. However, the exchange admits that the processing of onboarding a new partner may take a few weeks to complete. For now, European users cannot make bank transfers on Binance through the SEPA system.
Binance Restricts European Users From Trading Euro Pairs
Moreover, Paysafe customers are unable to trade Euro trading pairs in the spot market. It is worth mentioning that open orders were canceled earlier today. Binance has also put limitations on Euro transactions in its “Convert” feature. Nonetheless, users holding this fiat currency can still withdraw their balances to bank accounts.
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This is not the first time Paysafe has withdrawn support for fiat transactions for Binance customers. In May of this year, the bank quit processing British Pound deposits and withdrawals following concerns raised by United Kindom’s financial regulators.
Binance Woes in 2023
The world’s largest crypto exchange, Binance, has had a rough year. Just months ago, it was forced to exit from the Netherlands market after the country’s financial watchdog rejected the exchange’s Virtual Asset Service Provider license application.
In late July, Belgian officials ordered Binance to halt its operations in the country on the grounds that the exchange had failed to comply with the stipulated regulations.
Yesterday, Binance exited the Russian market after selling the exchange to CommEX. The trading platform made that decision in the wake of accusations that it was not adhering to certain financial rules.
In the United States, the Securities and Exchange Commission recently brought charges against Binance, accusing the exchange of selling unregistered securities. The Commodity Futures Trading Commission has also accused Binance of operating without applying for a license with the agency,
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