Customers who wish to deposit euros into their Binance account will no longer be able to do so after 8 a.m. UTC on Wednesday.
Credit cards and debit cards, on the other hand, can still be used to fund their accounts.
According to an email issued to clients on Tuesday, the prominent cryptocurrency exchange Binance has been obliged to temporarily stop bank transactions denominated in euros due to regulatory limitations that the company is experiencing.
In particular, euro deposits made through the Single Europe Payments Area, or SEPA, have been placed on hold indefinitely owing to conditions outside the control of the exchange, according to Binance’s email:
We are temporarily halting EUR deposits via SEPA Bank Transfers beginning at 8 a.m. UTC on July 7, 2021, due to circumstances beyond our control.
The email was sent a day after the British financial giant Barclays announced that it would no longer facilitate customer payments to Binance after financial regulators warned customers that the exchange was operating in the United Kingdom without the necessary licences and authorizations in place.
In a follow-up interview with Cointelegraph, a spokesman for Binance stated that the exchange was unhappy by Barclays’ “unilateral action” in blocking client payments.
As a result of increasing regulatory scrutiny in the United Kingdom, Binance said last month that customers would no longer be able to withdraw British pounds from the exchange via the popular Faster Payments onramp, which was previously available.
This story is still under development at the time of this publication