After losing its euro banking partner, Paysafe, Binance France has suggested that its customers promptly convert all fiat currency on the exchange into cryptocurrency, for lack of an immediate banking partner.
The partnership between Paysafe and Binance France ended on September 25. The latter provided infrastructure for euro deposits and withdrawals via SEPA bank transactions for Binance’s French subsidiary.
The termination of the partnership was announced at the end of June, but Binance France still needs to locate a replacement.
On September 26, the company’s spokesperson verified to a French radio station, BFM, that Binance France currently advises users to convert their fiat balances to cryptocurrencies for free immediately.
“Binance is working as quickly as possible to onboard its new partners and will have an update in the very near future.”
Users have reported that a window suggesting to convert the fiat balance into cryptocurrency automatically appears upon launching the mobile application.
In Europe, Binance consumers had already encountered withdrawal difficulties by the end of August. The company disclosed then that it had suspended euro withdrawals and deposits via SEPA because it could not support them without a payment provider.
Binance, which has fallen under scrutiny from law enforcement for allegedly failing to comply with financial sanctions against Russia, has been dealing with ongoing regulatory issues in Europe for several months.
The exchange announced its departure from the Netherlands on June 16. A week later, Belgian officials also ordered the exchange to cease all operations.
The company announced its exit from Russia on September 27 by selling its firm to CommEX, a newly launched cryptocurrency exchange business.
