Key takeaways:
- Following losing its former fiat partner, Binance revealed one month later that it had brought on new partners to manage deposits and withdrawals in euros.
- Users have reportedly begun switching to the new services offered by “a number of new regulated and authorized fiat partners,” according to Binance.
Following the loss of its former fiat partner, PaySafe, in September, cryptocurrency exchange Binance revealed one month later that it had brought on new partners to manage deposits and withdrawals in euros.
Binance said in a statement on October 19 that it had secured contracts with new fiat partners for deposits, withdrawals, and payments in euros.
The company was compelled to hunt for new banking partners after losing backing from PaySafe in September due to regulatory and debanking issues in the European Union, which prompted the move.
Users have reportedly begun switching to the new services offered by “a number of new regulated and authorized fiat partners,” according to Binance. But it didn’t say whose companies it had partnered with.
The release stated that Open Banking and SEPA/SEPA Instant are two ways that the new partners’ fiat services are available for euro deposits and withdrawals.
Additionally, users can trade euro spot pairs, use bank cards and fiat balances, and buy and sell cryptocurrency using the Single Euro Payments Area (SEPA).
European users were asked by Binance in late September to exchange their euros for Tether by the end of October; however, it appears this is no longer the case based on the most recent release.
However, even after the announcement, some customers were still having trouble depositing euros, and others had questions regarding fiat partners for the British pound in the UK.
Due to concerns expressed by UK financial regulators regarding the cooperation, Paysafe withdrew support for transactions in British pounds in May.
On October 16, Binance blocked new users from the United Kingdom from using its exchange. The action came after the Financial Conduct Authority (FCA), the nation’s watchdog, ended a collaboration with a third party to approve messages on its platform in accordance with new regional regulations.
