29-6-2023 (LONDON) Binance’s current EUR banking partner, Paysafe Payment Solutions Limited, will cease supporting the crypto exchange after September 25, according to a spokesperson for the exchange. Binance, the world’s largest crypto exchange by trading volume, will be changing the provider for EUR deposits and withdrawals via Bank Transfer (SEPA), and users will need to update their banking details to deposit to their Binance accounts after this date. They may also be required to accept new terms and conditions to continue using SEPA services.
SEPA, the Single Euro Payments Area, is the European Union’s integrated, cross-border payment network for euro transactions. The move comes as Binance faces backlash from financial regulators in Europe and the U.S. Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued Binance, Binance.US, and CEO Changpeng “CZ” Zhao for violating multiple federal securities laws, including allegations of offering unregistered securities and commingling customer funds.
Since then, the exchange has announced a retreat from the United Kingdom, the Netherlands, and Cyprus, while Belgium’s market watchdog ordered Binance to halt offering crypto services in the country. The UK’s financial regulator expressed concern in February 2022 over Binance gaining access to the country’s primary payments network after the exchange secured a deal with Paysafe, according to the Financial Times.
