UpdatesSep 29, 2023

Binance ended up without a banking partner in Europe. What does the exchange recommend to all customers with euro deposits?

More problems for the world's largest cryptocurrency exchange.

It is no secret that for any centralized cryptocurrency platform, a truly key element is an efficient implementation with a banking entity responsible for processing all deposits and withdrawals of financial funds in fiat currencies. The largest exchange of this type in the world, Binance, is currently having more and more problems finding a reliable partner in this matter who would attempt to process payments in euro. This is primarily due to the fact that, as a result of the exchange's conflict with regulators both in the USA and in Europe, a popular company called Paysafe, previously dealing with this type of payments, broke off cooperation with the exchange led by CZ. An interesting fact is that Binance has now issued a message to all customers.

Binance has lost its banking partner

On September 28, the world's largest and most popular digital currency exchange appealed to all its customers who used the services of the Paysafe platform. Binance's message to its customers in this regard was to ask them to convert their euro balances to the USDT stablecoin before the October 31 deadline.

The Binance exchange soon stressed once again that Paysafe "unilaterally and without any warning has decided to stop processing all euro deposits for users of the Binance platform." What is most important in this matter, however, is that the exchange provided information that it is still possible for Binance customers to make withdrawals in euro to their bank accounts.

However, it is hard not to get the impression that users have every right to express some doubts about this issue. This is primarily due to the fact that there have already been reports that some of the exchange's users were quietly cut off from withdrawing their funds in euro from the Binance exchange.

It is worth adding that a Binance spokesperson for some time tried to place the entire responsibility on Paysafe, claiming that this company is entirely responsible for processing Binance customer withdrawals. The other party, however, officially stated that it was not aware of any accounts being deprived of access to euro withdrawals.

Paysafe no longer supports Binance customers

However, the undeniable fact is that as of September 25, Paysafe officially no longer supports Binance customer deposits in euros. Previously, for some time, the company enabled customers of the above-mentioned exchange from Europe to make deposits and withdrawals in the form of fiat currencies, as well as to make bank transfers in the Single Euro Payments Area (SEPA) throughout the European Union.