Binance, one of the world’s leading cryptocurrency exchanges, has announced that it has partnered with new firms to handle euro deposits and withdrawals. This comes after the exchange lost its previous fiat partner, PaySafe, in September. The move is a response to regulatory challenges and debanking issues faced by Binance in the European Union.
In an official statement released on October 19, Binance revealed that it has signed agreements with new partners to facilitate payments, deposits, and withdrawals in euros. The exchange reported that users have already started migrating to the services offered by these new regulated and authorized fiat partners. However, Binance did not disclose the names of the firms it has partnered with.
The new fiat partners will enable Binance users to make euro deposits and withdrawals through Open Banking and SEPA/SEPA Instant. Additionally, users will have the ability to buy and sell cryptocurrencies using the Single Euro Payments Area (SEPA), bank cards, and fiat balances. They will also be able to trade euro spot pairs on the platform. This expansion of fiat services aims to provide a more seamless experience for Binance’s European users.
Previously, Binance had urged its European users to convert their euros into Tether (USDT) by the end of October, following the loss of support from PaySafe. However, with the announcement of the new fiat partnerships, it appears that this may no longer be necessary.
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Despite the partnership with new fiat firms, some users have reported difficulties in depositing euros after the announcement. Additionally, users in the United Kingdom have inquired about fiat partners for the British pound. Paysafe had previously withdrawn support for transactions in British pounds in May, due to concerns raised by UK financial regulators.
In another development, Binance recently suspended access to its exchange for new users based in the United Kingdom. This decision was made following the termination of a partnership with a third party that was responsible for approving communications on the platform, in compliance with the Financial Conduct Authority’s (FCA) regulations. Binance has yet to find new fiat partnerships for its UK exchange, leaving British users unable to deposit pounds.
Cointelegraph reached out to Binance for more details regarding the new partnerships but did not receive an immediate response. The exchange is still working to address the challenges posed by regulatory changes and to ensure a smooth experience for its European users.
As the cryptocurrency industry faces increased scrutiny from regulators worldwide, exchanges like Binance are continuously adapting to comply with evolving regulations. This involves establishing partnerships with trusted fiat partners to handle deposits and withdrawals, ensuring transparency and security for users. Binance’s efforts to onboard new fiat partners demonstrate its commitment to providing a seamless and compliant fiat-crypto gateway for its European user base.
In conclusion, Binance has announced new partnerships with fiat firms to handle euro deposits and withdrawals, following the loss of its previous fiat partner. The move comes as the exchange faces regulatory and debanking challenges in the European Union. With the new fiat partnerships, Binance aims to offer a more seamless experience for its European users, enabling them to easily deposit and withdraw euros using various methods. However, there have been some reported issues, and users in the UK are still unable to deposit British pounds. Binance continues to adapt to regulatory changes and is committed to ensuring compliance and user satisfaction.
