Binance advises Euro users to shift to USDT as Paysafe ends banking services Binance advises Euro users to shift to USDT as Paysafe ends banking services
Binance said it anticipates a brief disruptions to some of its services due to this development.
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Updated: Sep. 28, 2023 at 9:30 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cryptocurrency exchange Binance advised its users to convert their fiat Euro balances into Tether’s USDT before the end of October after it lost the support of its banking partner, Paysafe.
In a Sept. 28 update, Binance revealed that Paysafe “unilaterally decided to stop processing EUR deposits” for its users. This action has led to disruptions in various Binance services. These disruptions include suspending deposits and EUR spot trading pairs trading activities by 4:00 a.m. UTC today, Sept. 28.
According to Binance, its Paysafe users are advised to take appropriate actions in advance. Users unwilling to convert their EUR balances into USDT can directly withdraw their funds into their bank accounts.
The exchange added:
“We are working to integrate new fiat channels onto Binance soon.”
Meanwhile, Binance claims that Paysafe’s ” sudden ” service withdrawal is inaccurate. In June, Paysafe told CryptoSlate it was collaborating with the exchange to ensure a structured conclusion of their integrated wallet services for Binance throughout the European Economic Area (EEA) region. At the time, a Binance spokesperson also confirmed this development.
Before the issues with the Euro, Paysafe had stopped processing the British Pound transactions for Binance in May, citing the challenging U.K. regulatory environment.
Binance banking struggles
Binance has increasingly struggled for new banking partners worldwide as financial regulators increase their scrutiny over its operations.
In February, the exchange temporarily suspended US Dollar-denominated fiat transfers after its banking partner, the failed Signature Bank, stopped processing crypto transactions worth less than $100,000.
Its U.S. subsidiary, Binance US, transitioned to a crypto-only exchange after its banking partners abruptly halted their services to the platform.
Additionally, Binance sold its Russian business to a newly formed crypto exchange, CommEX, on Sept. 27 because operating in the region was incompatible with its compliance strategy.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.