Binance’s EUR Banking Partner Paysafe to Cease Support

10:15 am
June 29, 2023

Binance, one of the world’s largest cryptocurrency exchanges, has received a notification from its EUR banking partner, Paysafe Payment Solutions Limited, stating that it will no longer offer services to Binance users as of September 25th, 2023. This announcement comes just weeks after Binance.US, Binance’s American subsidiary, faced warnings from its banking partners about discontinuing their services.

Paysafe’s decision to halt support for Binance users in the UK was made three months ago due to regulatory complexities in the country. This move resulted in Binance suspending GBP deposits and withdrawals. Paysafe had initially intended to continue supporting Binance in other regions, such as Europe and Latin America, after ending its services for UK customers. However, Paysafe’s decision to cease support for Binance users in September aligns with the adoption of the Markets in Crypto-Assets Act (MiCA) by the European parliament.

Impact on EUR SEPA Bank Deposits

In its notification to users, Binance explained that Paysafe’s discontinuation of services would affect EUR deposits and withdrawals. Binance users will be required to use new banking details for EUR deposits into their Binance Fiat wallet and may need to accept new terms and conditions. Although Binance has promised to find a new payment partner for EUR settlements, its US subsidiary, Binance.US, has also encountered issues with its banking partners who threatened to stop offering USD banking services.

Besides the challenges with banking partners, Binance and its subsidiaries face ongoing regulatory scrutiny worldwide. Binance Austria GmbH recently withdrew its license application in Austria, following a similar move in the UK. Binance Brazil is under investigation by Brazilian authorities for potential pyramid schemes, while the US Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, its US subsidiary, and its CEO Changpeng Zhao for alleged securities law violations.

FAQ

1. Why is Paysafe ending support for Binance users?

Paysafe has cited complex regulations as the reason for discontinuing its services to Binance users in the UK and, soon, in other regions.

2. How will Paysafe’s decision impact Binance users?

Binance users will have to use new banking details for EUR deposits and withdrawals and may need to agree to new terms and conditions.

3. Will Binance find a new banking partner for EUR settlements?

Yes, Binance has stated that it will search for a new payment partner to facilitate EUR settlements.

4. Are there any other challenges facing Binance and its subsidiaries?

Yes, Binance and its subsidiaries are currently under regulatory scrutiny in various countries, including Austria, the UK, Brazil, and the United States.

5. What allegations have been made against Binance by the SEC?

The US Securities and Exchange Commission (SEC) has sued Binance, its US subsidiary, and its CEO Changpeng Zhao, accusing them of violating securities laws in the United States.


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