Binance's European banking partner, Paysafe Payment Solutions, has announced that it would halt supporting the popular crypto exchange as of Sept. 25. After this date, Binance, the largest crypto exchange by trading volume, will have no access to Paysafe's wallet solution. Paysafe served as an intermediary banking partner for customers' euro deposits and withdrawals. - Binance must change the provider for these services by the specified deadline.
- Users will also need to update the banking details used to deposit euros to their Binance accounts.
- In addition, clients will have to accept new terms and conditions to continue using bank transfers in euros after Sept. 25.
- Paysafe said they are also preparing to withdraw the support in the U.K.
- The two companies first partnered in 2022 to enable pound deposits.
- The exchange has recently withdrawn from several markets where the legal tender is the euro, including Cyprus and the Netherlands.
The move followed the heightened regulatory scrutiny against Binance in the U.S. as the U.S. Securities and Exchange Commission (SEC) filed a 136-page complaint against the exchange and CEO Changpeng Zhao (CZ) over alleged U.S. law violations. - The firm also recently started being investigated in France on allegations of illegally canvassing customers and severe money laundering and was ordered to halt its operations in Belgium.
- In early June, the platform had to suspend Australian dollar (AUD) deposits and withdrawals through bank transfer since its local banking partner, Westpac, stopped supporting the exchange.
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