In recent news, it has been announced that Binance, one of the largest and most popular cryptocurrency exchanges in the world, will lose its current banking partner in Europe. The Paysafe Payment Solutions company has informed Binance that it will stop supporting it in managing transactions in euros.
Binance’s banking partner in Europe will no longer provide service
According to emails sent to users by Binance, Euro support provided by Paysafe Payment Solutions will end. after September 25, 2023. Given this situation, Binance has reported that it will switch to a new service provider to facilitate deposits and withdrawals in euros through SEPA bank transfers. However, the name of the provider that will replace Paysafe has not been revealed. A Binance spokesperson stated that users will need to update their bank details used to deposit into their accounts and may need to agree to new terms and conditions to continue using SEPA services after the aforementioned date. Although this news has caused some concern among users, Binance has ensured that the current methods of depositing and withdrawing other fiat currencies, as well as buying and selling cryptocurrencies on Binance.com, will not be affected by this situation.
Binance and regulatory challenges
Importantly, Binance has been the subject of a number of backlashes from regulators around the world in recent months, leading to the cessation of operations in several countries. The exchange recently announced its exit from the Netherlands and Belgium, where all its services have been ordered suspended. In addition, the director of Binance Brazil has been summoned to appear before the Brazilian parliament due to investigations into alleged Ponzi schemes. In Australia, the local Binance branch was banned from the banking system without notice or consultation, which has led to a search for a new third-party payment provider in Australia. However, despite the challenges Binance has faced in various countries, Binance Dubai CEO Alex Chehade has highlighted that the United Arab Emirates is emerging as an attractive destination for cryptocurrency companies due to its clear regulatory approach and its more open stance towards digital assets. In short, Binance will lose its banking partner in Europe, which is a new challenge for this cryptocurrency exchange. Although Binance has assured that services in other fiat currencies will not be affected, this news adds to the series of obstacles that the company has faced in different countries. Meanwhile, the United Arab Emirates is shaping up to be an attractive destination for cryptocurrency companies amid global uncertainty.
