Crypto exchange Binance restores euro services after finding new fiat partners

Martin Young5 hours agoCrypto exchange Binance restores euro services after finding new fiat partnersEuro payments, deposits and withdrawals are back on for European Binance users one month after the termination of services by PaySafe.3825 Total views8 Total sharesListen to article 0:00NewsJoin us on social networksCrypto exchange Binance has announced it has onboarded new partners to handle euro deposits and withdrawals, one month after losing its previous fiat partner, PaySafe, in September. 

In an Oct. 19 statement, Binance announced it had signed agreements with new fiat partners for euro payments, deposits and withdrawals.

The move follows regulatory and debanking woes in the European Union, where the firm was forced to look for new banking partners after losing support from PaySafe in September.

Binance said users have already started migrating to the new services provided by “a number of new regulated and authorized fiat partners.” It did not specify which firms it had partnered with, however.More EUR fiat channels have arrived on #Binance

We’re proud to announce that we’ve entered into agreements with multiple new EUR partners to provide deposit, withdrawal, and payment services, making your experience even more seamless.

Find out more https://t.co/jKh2QxH3sN— Binance (@binance) October 19, 2023

The announcement noted that fiat services offered by the new partners include euro deposits and withdrawals via Open Banking and SEPA/SEPA Instant.

Users can also buy and sell crypto using the Single Euro Payments Area (SEPA), bank cards and fiat balances, and trade euro spot pairs.

In late September, Binance urged European users to convert their euros into Tether (USDT) before the end of October, though the latest announcement could suggest this is no longer necessary.

Related:Binance limits withdrawals in Europe, cites payment processor issues

However, some users were still reporting issues depositing euros after the announcement, while others asked about fiat partners for the British pound in the United Kingdom.

Paysafe pulled support for transactions in British pounds in May following concerns raised by U.K. financial regulators over the partnership.

On Oct. 16, Binance suspended access to its exchange for new users based in the United Kingdom. The move followed the termination of a partnership with a third party to approve communications on its platform under new local rules by the country’s watchdog, the Financial Conduct Authority (FCA).

Binance has yet to source fiat partnerships for its U.K. exchange, where British users are still unable to deposit pounds.

Cointelegraph contacted Binance for more specifics but did not receive an immediate response.

Magazine: SBF’s alleged Chinese bribe, Binance clarifies account freeze: Asia Express# Business# Europe# Euro# European Union# Binance# RegulationAdd reactionAdd reactionRead moreCentral banks want to look under crypto’s hood — Is this a positive sign?Sam Bankman-Fried’s trial is telling a story of classic financial deceitInternational financial group finds gaps in digital euro legislative package