Binance has signed agreements with new partners to facilitate euro deposits and withdrawals months after being dropped by their previous provider, PaySafe.
In an announcement made on October 19, Binance revealed that they were in the process of transitioning users to services provided by multiple new partners who are authorized and regulated to support euro transactions.
However, the company has not disclosed the names of these new partners. In September, Binance advised its European customers to convert their euro balances to the USDT stablecoin before the end of October due to banking challenges.
These new agreements now restore the ability to deposit and withdraw euros through SEPA transfers, bank cards, and open banking payments, meaning users can again buy cryptocurrencies with euros and trade euro pairs.
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
Binance lost the support of PaySafe in September after the payments provider declined to renew its agreement with the exchange. Prior to this, PaySafe had ceased British pound transactions in June, following regulatory pressure from UK authorities.
The loss of banking support prompted Binance to search for alternatives to ensure fiat liquidity options for its European user base. The increased regulatory scrutiny surrounding cryptocurrencies has made payment partners more cautious.
Despite Wednesday’s announcement, some users reportedly still have issues with euro deposits, indicating that challenges may persist. Also, there is poignant uncertainty about when or if Binance will reinstate British pound ramps.
It’s worth noting that Binance is still on the Financial Conduct Authority’s (FCA) blacklist in the UK. On October 16, Binance suspended registration for new users on its UK exchange after a required third-party communications partnership ended. This action followed the FCA’s directive to remove advertisements in the country earlier in the summer, citing concerns of misleading information for investors.
While Binance has managed to restore some of its euro services, its regulatory challenges in Europe continue to hinder its efforts to offer complete access to fiat currencies.
In a separate development, Binance exited the Russian market in September due to incompatibility with Binance’s compliance strategy in those regions and has resumed full operations in Belgium after a three-month hiatus.
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