Binance resumes euro services following new fiat partners

By: Michael Wilson

Binance resumes euro services following new fiat partners

October 20, 2023 6:59 AM

Binance customers in Europe may once again make deposits and withdrawals in euros, months after PaySafe abruptly cut off their service.

After losing its previous fiat partner PaySafe in September, the cryptocurrency exchange Binance has announced it has onboarded new partners to handle euro deposits and withdrawals. 

To facilitate Euro deposits, withdrawals, and payments, Binance released a statement on October 19 announcing new arrangements with fiat partners.

The company had to hunt for new banking partners after losing PaySafe's backing in September due to regulatory and debanking issues in the European Union, prompting the decision.

Binance has announced that it has begun migrating users to the new services supplied by "a number of new regulated and authorized fiat partners." In spite of this, it was vague about the companies with which it had formed alliances.

Deposits and withdrawals in Euro can be made using Open Banking and SEPA/SEPA Instant, the release said of the new partners' currency offerings.

In addition to trading EUR spot pairs, users can purchase and sell cryptocurrencies using SEPA (Single Euro Payments Area), bank cards, and fiat balances.

While Binance's latest notification may indicate that European users no longer need to convert their euros into Tether (USDT) by the end of October, the company previously recommended that they do so in late September.

After the announcement, however, several users said they were still having trouble depositing Euros, and others inquired about fiat partners for the British pound.

United Kingdom banking officials had reservations about the arrangement in May, prompting Paysafe to suspend support for transactions in British pounds.

In an announcement made on October 16th, Binance said it will no longer accept new UK users. The Financial Conduct Authority (FCA), Britain's financial regulator, severed ties with a third party that had been vetting communications on the platform in accordance with the new local regulations, prompting the decision.

Binance's UK exchange still doesn't have any fiat partnerships, thus British users can't deposit GBP.