Binance announced that it has expanded its European footprint by working with numerous regulated fiat partners to provide EUR services.
Binance has announced new fiat partners to handle euro transactions after losing its previous partner, PaySafe, in September due to EU regulatory issues. Users are being transferred to the new services as part of this program.
These additional fiat partners offer a variety of services to our users, including EUR deposits and withdrawals through Open Banking and SEPA/SEPA Instant, as well as the ability to purchase and sell cryptocurrencies using bank cards and fiat balances, as well as the availability of EUR spot pairings for all users.
It is claimed that the creation of these fiat “on-ramps” and “off-ramps” for centralized exchanges will be crucial in increasing user experience and making Web3 ecosystems more accessible to both novice and seasoned crypto fans. The identity of these new partners needs to be made clear in the release, though.
Maintaining Compliance
The announcement comes only one day after Stéphanie Cabossioras announced her retirement as managing director of Binance’s French business, joining a long list of notable exits in the face of heightened regulatory scrutiny. As a result, Binance may be approaching its end, according to the company’s detractors.
