Paysafe Payment Solutions, Binance’s current banking partner for euros, will no longer support the crypto exchange after September 25th. Binance announced that they will be changing their provider for EUR deposits and withdrawals via Bank Transfer (SEPA), and Paysafe will cease to provide these services to Binance users.
As of the mentioned date, Binance users will need to update their banking details for depositing into their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services.
SEPA, the Single Euro Payments Area, is the European Union’s integrated cross-border payment network for euro transactions.
Paysafe stated in an email that they have decided to cease offering their embedded wallet solution to Binance across the region after a strategic review. They are already in the process of withdrawing the service in the UK.
This development comes amidst increased scrutiny faced by Binance, the world’s largest crypto exchange by trading volume, from financial regulators in Europe and the US.
Recently, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance, Binance.US, and CEO Changpeng “CZ” Zhao, accusing them of violating multiple federal securities laws, including offering unregistered securities and commingling customer funds.
In response to regulatory challenges, Binance has announced its retreat from the Netherlands and Cyprus, requested to cancel permissions in the UK, and received an order from Belgium’s market watchdog to cease offering crypto services in the country.
In February 2022, the UK’s financial regulator expressed concerns over Binance gaining access to the country’s primary payments network after securing the Paysafe deal, as reported by the Financial Times.