Key takeaways:
- After losing the support of its banking partner, Binance asked users to switch their euros to Tether before the end of October.
- Users may still transfer their EUR amounts from Binance accounts to their bank accounts.
After losing the support of its banking partner, cryptocurrency exchange Binance asked users to switch their euros to Tether before the end of October.
On September 28, Binance notified European Paysafe users that Paysafe had “unilaterally decided to stop processing EUR deposits for Binance users” and advised them to change their EUR balances to USDT by October 31.
Users may still transfer their EUR amounts from Binance accounts to their bank accounts, according to Binance, nonetheless.
“Paysafe users are advised to take appropriate actions in advance.”
Starting on September 28, Paysafe users will no longer be allowed to trade EUR spot trading pairs, according to the company, and open orders will be canceled one hour later. Also prohibited for EUR transactions is Binance Convert, which functions like a token swap.
Euro deposits at Paysafe were stopped on September 25. For Binance customers in Europe, the company had previously facilitated deposits and withdrawals in fiat, including through bank transfers within the Single Euro Payments Area (SEPA) of the European Union. The announcement said:
“We are working to integrate new fiat channels onto Binance soon,”
Binance France advised its users to quickly change all of their fiat holdings into cryptocurrency on September 27. The action is the most recent development in Binance’s struggles with Western regulators and debanking.
In May, Paysafe stopped supporting transactions in British pounds due to worries expressed by UK financial regulators regarding the alliance.
After Binance stated in June that it was leaving the Netherlands, Belgium’s government gave the exchange a week to stop operating. On the other hand, it was declared on September 26 that fresh registrations from Belgian citizens had reopened.
Binance has clarified that it is completely leaving Russia by selling its business to CommEX, a just-started cryptocurrency exchange. To guarantee a seamless transition for current Russian users, the off-boarding process will take up to a year.
