July 3, 2023
By Sharan Kaur Phillora
Paysafe Payment Solutions, the European banking partner of Binance, is set to withdraw support from September 25. This development will affect Binance’s Euro transactions in the European Economic Area (EEA). The termination of this service will be carried out in a phased manner over the next few months, with both companies working together to ensure a smooth transition.
Here’s what we know:
In light of this development, Binance has announced a change in its banking partner for euro transactions via the Single Euro Payments Area (SEPA). A spokesperson from Binance has confirmed this shift, without providing any additional details about the new partner. The spokesperson added, “Binance will provide more information in due course.”
Despite the change in the banking partner, other methods of depositing and withdrawing fiat currencies as well as buying and selling crypto on Binance.com will remain unaffected. Binance has typically accessed SEPA through payment intermediaries.
This change comes at a time when Binance has been under the radar of regulators due to concerns about potential money laundering activities. Just this month, Binance, along with its U.S. affiliate, entered an agreement with the U.S. Securities and Exchange Commission (SEC) to ensure U.S. customer assets remain within the country until the resolution of an ongoing lawsuit filed by the regulatory agency.
The Paysafe partnership, which began last year, enabled Binance users to deposit sterling via Faster Payments, a British network that supervises payments and bank account transfers. Binance users will now have to update their banking details and may be required to agree to new terms to continue using SEPA services after Paysafe’s withdrawal.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
