Suspension of SEPA transfers: Binance strikes back and offers zero-fee purchases

By: Bharggavi Ssayee

Suspension of SEPA transfers: Binance strikes back and offers zero-fee purchases

July 9, 2021 10:08 PM

Turbulent week for Bitcoin giant Binance - After suddenly announcing yesterday that SEPA transfers in euros would be suspended indefinitely, the crypto exchange giant was quick to react and organize the response, both on the strategic front of communication, but also by unlocking an offer to purchase cryptocurrencies by credit card, without the slightest charge.


SEPA good for business

The news fell on the night of Tuesday to Wednesday and it was when they woke up yesterday morning that European users of the Binance crypto exchange learned about it: the platform informed its community by email that, for some unspecified reason, the euro transfers using the SEPA gateway would be temporarily suspended, for an indefinite period.


If the communication wanted to be stingy with details, Binance reassured however, ensuring that the non-honored transfers would be returned to their issuers within 7 days.


The exchange also insisted that withdrawals to bank accounts continued to work perfectly.


But if the news sounded particularly jarring, it was above all because it was part of a series of unpleasant setbacks for the crypto leader. In fact, the platform has found itself in recent weeks under the crossfire of several regulatory authorities, including the Japanese financial police, but also the British, more particularly on the sensitive subject of regulated financial products.


An atmosphere heavy enough (especially in view of the current nervousness of the crypto market) for Changpeng Zhao, the boss of Binance to take up the pen and expose his position on the sensitive subjects of regulation, the explosion of a market new and unprecedented like that of crypto, and on the insolent growth of its creation, which it will be recalled that it is only four years old.


“Even before there were clear guidelines for the industry, we have always held Binance to the highest standards to put the best interests of our users first - a goal we share with regulators around the world. . Therefore, we have added requirements for the use of our platform and set standards for the industry: strict policies on insider trading, an emergency fund for secure assets (SAFU) to protect user assets and rigorous rating standards […]. We also invested early in educational resources through tutorials and the Binance Academy to help users from all walks of life make informed crypto decisions. For higher risk products, we have set limits and protections to encourage responsible trading. To date, Binance is the only crypto trading platform with a responsible trading program. "


Changpeng Zhao, letter to the community


Changpeng Zhao takes the opportunity to recall its very active recruitment policy in terms of compliance, the exchange does not hesitate to surround itself with big names in the sector, including by poaching profiles themselves directly from “the other camp ”, like Rick McDonell and Josée Nadeau, two former members of the Financial Action Task Force (FATF).


And beyond the crisis communication exercise, Binance, well aware of the harm to its users, was quick to put in place a commercial offer allowing European amateurs to continue to buy crypto assets without difficulty, and especially without fresh.


Buying bitcoin and cryptocurrencies on Binance with a bank card for zero fees


Quickly made available on the site, a new offer has just appeared on the platform. This allows you to buy Bitcoin and several other cryptocurrencies using a bank card, all with reduced fees (instead of 1.8%).


You just have to go to Binance, then access the section “Buy cryptos” / ”Deposit by card”, and finally let yourself be guided, to have access to a simplified and fast purchase of bitcoin and a selection of crypto assets, free of charge, until further notice.


If Binance - and in general the entire crypto industry - is probably not done with this kind of twists and turns, we will agree that the crypto leader excels as usual in its ability to react quickly to crises that arise