Binance’s European debanking problems persist as it continues to encourage Paysafe users to convert their euros to digital dollars.
After losing the support of its banking partner, Binance has exhorted users to convert their euros into Tether USDT before the end of October.
On September 28, Binance urged European Paysafe users to convert their EUR balances to USDT before October 31, citing that Paysafe has “unilaterally decided to stop processing EUR deposits for Binance users.”
Users may continue withdrawing their EUR balances from their Binance accounts to their bank accounts, Binance noted. “Paysafe users are advised to take appropriate actions in advance.”
The company announced that as of September 28 at 4:00 a.m. UTC, Paysafe users will no longer be able to trade EUR spot trading pairs, and open orders will be annulled an hour later. Binance Convert, which functions as a token exchange, will also restrict EUR transactions.
On September 25, Paysafe suspended euro deposits. Previously, the company facilitated fiat deposits and withdrawals for Binance users in Europe, including bank transfers within the Single Euro Payments Area (SEPA) of the European Union.
The bulletin stated, “We are working to add new fiat channels to Binance shortly.”
@binance has Euro been delisted? Why can’t I find deposit option for Eur? Or to spot trade?#crypto #CryptoCommunity
— Hafijul I. Sayeed (@O2brandings) September 28, 2023Coincreed previously reported that Binance France advised its customers to convert their fiat currency holdings to cryptocurrency promptly. The move adds to Binance’s regulatory and debanking troubles in the West.
In May, Paysafe ceased supporting transactions in British pounds due to concerns from United Kingdom financial regulators regarding the partnership.
In June, Binance announced its departure from the Netherlands, and a week later, Belgian officials ordered the exchange to cease operations. However, it was announced on September 26 that new registrations from Belgian residents were once again available.
