Paysafe Payment Solutions, the current euro banking partner of the cryptocurrency exchange Binance, informed users that they would no longer be supported.
Binance sent customer letters stating that Paysafe’s euro support would end after September 25, 2023. The letters did not mention the new service provider, but they said that there would be changes for euro deposits and withdrawals through SEPA bank transfers.
A representative from the exchange stated that when they discontinued the service, users should expect to update their banking details into their Binance accounts.
Users may be required to accept new terms and conditions to continue using SEPA service. The exchange clarified that until the discontinuation date, all current methods for buying and selling cryptocurrency on Binance.com and depositing and withdrawing other fiat currencies would remain unaffected.
The crypto exchange also emphasized that the announcement about euro payments is unrelated to the recent withdrawal of its services from several EU countries.
The exchange has faced increasing criticism from regulators, resulting in the suspension of its operations in various countries. It announced its exit from the Netherlands on June 16, allowing only Dutch customers to withdraw money starting from July 17.
Belgian authorities also instructed the exchange to stop all services shortly after. Additionally, the director of Binance Brazil had to appear before the Brazilian parliament concerning ongoing investigations into possible pyramid schemes.
The country’s financial system disconnected the local Binance branch in Australia without prior notice or consent, and efforts are underway to find a new third-party payment source.
Amidst global uncertainty, Binance Dubai’s general manager, Alex Chehade, expressed that the United Arab Emirates is becoming an attractive destination for cryptocurrency firms. This is due to clear legislation and a more promising approach to digital assets.
