Hassan Maishera
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Binance’s EUR partner will no longer support the cryptocurrency exchange after September 25th.
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The crypto exchange recently exited from the U.K., Netherlands and Cyprus.
Binance Faces More Operational Challenges
Binance, the world’s largest cryptocurrency exchange by daily trading volume, has been facing numerous challenges since the start of the year.
The crypto exchange’s EUR banking partner, Paysafe Payment Solutions Limited, has now revealed that it would stop supporting Binance after September 25.
While speaking to CoinDesk, a spokesperson for Binance stated that;
“Binance will be changing the provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner, Paysafe, will no longer be providing these services to Binance users from 25th September 2023. At that time, our users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.”
SEPA is the European Union’s integrated, cross-border payment network for euro transactions.
This latest cryptocurrency news comes as Binance has been facing regulatory challenges in Europe and the United States in recent months.
The cryptocurrency exchange recently exited the UK, Cyprus and the Netherlands markets, citing regulatory challenges.
In the United States, Binance has been facing challenges with the Securities and Exchange Commission (SEC). The SEC sued Binance, Binance.US and CEO Changpeng “CZ” Zhao for violating multiple federal securities laws.
According to the SEC. The cryptocurrency exchange offered unregistered securities to its users and also commingled customer funds.
