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Binance seeks new European banking partner as Paysafe withdraws support

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TL;DR Breakdown

  • Paysafe Payment Solutions, Binance’s European banking partner, will cease its embedded wallet solution support for the crypto exchange in the European Economic Area (EEA) from September 25, 2023.
  • Binance is searching for a new European banking partner after Paysafe’s decision to withdraw support for EUR deposits and withdrawals via Bank Transfer (SEPA).
  • The termination comes amidst regulatory scrutiny faced by Binance, including a lawsuit by the U.S. Securities and Exchange Commission (SEC) and investigations for alleged offenses, including “aggravated money laundering” by French authorities.

Description

Binance, the world’s largest cryptocurrency exchange, is in search of a new European banking partner as Paysafe Payment Solutions, its current banking partner, announced the withdrawal of support for the crypto exchange across the European Economic Area (EEA). Paysafe stated that following a strategic review, it has decided to cease offering its embedded wallet solution … Read more

Binance, the world’s largest cryptocurrency exchange, is in search of a new European banking partner as Paysafe Payment Solutions, its current banking partner, announced the withdrawal of support for the crypto exchange across the European Economic Area (EEA). Paysafe stated that following a strategic review, it has decided to cease offering its embedded wallet solution to Binance in the EEA region. Both companies are now working on implementing an orderly process to terminate the service over the next few months.

Paysafe cuts partnership

As of September 25, 2023, Paysafe will no longer facilitate EUR deposits and withdrawals via Bank Transfer (SEPA) for Binance users. Binance confirmed the development and informed users that they will need to update their banking details for deposits to their Binance accounts. Additionally, users may be required to accept new terms and conditions to continue using SEPA services after the specified date. The exchange assured that all other methods of depositing and withdrawing fiat currencies, as well as buying and selling crypto on Binance.com, remain unaffected, including bank transfers using other supported fiat currencies and transactions via credit or debit cards.

SEPA, the Single Euro Payments Area, is a payment network established to enable seamless and efficient euro transactions within the European Union.

Paysafe has also been Binance’s banking partner in the UK through the Faster Payments network. However, the company is already withdrawing this service in Britain. In recent weeks, Binance has faced several challenges, including its decision to pull out of Cyprus and terminate operations in the Netherlands due to the inability to secure a virtual asset service provider (VASP) license.

Furthermore, Binance Markets Limited, the exchange’s UK subsidiary, has canceled its unused permissions granted by the Financial Conduct Authority (FCA), rendering it unable to provide regulated activities and products.

On top of these issues, Binance is contending with legal matters. The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the exchange, accusing it of violating U.S. securities laws. Additionally, French authorities are conducting investigations, including allegations of “aggravated money laundering.”

As Paysafe withdraws its support in the EEA, Binance is seeking a new banking partner to continue facilitating euro transactions. The exchange aims to provide a smooth transition for users and has promised to share further information in due course. However, the company remains under the regulatory spotlight and must navigate the challenges posed by global financial authorities.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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