Binance seeks new European banking partner as Paysafe withdraws support

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.

文章来源于互联网:Binance seeks new European banking partner as Paysafe withdraws support

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月30日 05:26
Next 2023年7月30日 06:25

Related articles

  • Venezuela’s President seeks entry into the BRICS bloc with China’s support

    TL;DR Breakdown Venezuela’s President Nicolas Maduro is actively seeking China’s support to join BRICS. Venezuela and China have signed a Memorandum of Understanding to cooperate on developing and modernizing special economic zones. The BRICS bloc has admitted six new members, expanding its influence and commitment to reshaping the global order. Description Venezuela’s President Nicolas Maduro is actively seeking China’s support in joining the recently expanded BRICS group, a bloc of Brazil, Russia, India, China, and South Africa. This move comes as the BRICS members recently agreed to admit six new full members. Venezuela seeks entry into BRICS In an interview with the Chinese state news agency … Read more Venezuela’s President Nicolas Maduro is actively seeking China’s support in joining the recently expanded BRICS group, a bloc of Brazil, Russia, India, China, and South Africa. This move comes as the BRICS members recently agreed to admit six new full members. Venezuela seeks entry into BRICS In an interview with the Chinese state news agency Xinhua, Maduro expressed his aim to secure Venezuela’s entry into BRICS, emphasizing the importance of China’s…

    Article 2023年9月10日
  • Ditching USD is an escape from sanctions and aggression

    TL;DR Breakdown Diaz-Canel critiques USD dominance in global trade, citing repressive effects. BRICS nations push for de-dollarization, considering a shared currency. Countries globally seek to reduce USD reliance, pointing towards a shift in world economic order. The quiet murmurs of the world’s economic machinery have become increasingly resonant as nations grapple with the domineering influence of the United States dollar (USD). In an exclusive interview aired by RT, Miguel Diaz-Canel, Cuba’s President, made a bold statement emphasizing the repressive power of the USD, and what nations are doing to break free. The USD’s global reach and its repercussions Cuba’s top authority detailed how the ubiquity of the USD as a global reserve currency permits the United States to exert influence, which some interpret as a form of monetary hegemony. According to Diaz-Canel, such a position enables the US to engage in activities that include implementing stringent sanctions, blackmailing, and fostering aggression. The President didn’t shy away from expressing his views on the matter, highlighting how these actions often affect developing economies that struggle to fight back. This isn’t the first…

    Article 2023年6月8日
  • Terra Classic community votes to cease USTC minting for peg stability

    TL;DR Breakdown The Terra Classic community has voted to halt all minting and reminting activities associated with USTC. The primary objective is to protect the interests of both the Terra Classic community and external investors.  The proposal carries significant implications for the crypto industry. Description In a significant move aimed at restoring stability, the Terra Classic community has voted to halt all minting and reminting activities associated with TerraUSD Classic (USTC). This decision comes as part of a broader effort to reestablish a stable peg between USTC and the United States dollar. The community vote, which concluded with a 59% … Read more In a significant move aimed at restoring stability, the Terra Classic community has voted to halt all minting and reminting activities associated with TerraUSD Classic (USTC). This decision comes as part of a broader effort to reestablish a stable peg between USTC and the United States dollar. The community vote, which concluded with a 59% majority in favor of discontinuing USTC minting, is seen as a pivotal step towards addressing the recent turmoil in the Terra Classic…

    Article 2023年9月25日
  • The reason Apple lost $200 billion in less than two days

    Description Apple, the tech titan revered for its groundbreaking products, recently felt the heat from investor apprehensions. With a jaw-dropping dip of $200 billion in market value in a mere two-day span, one has to wonder what threw a wrench into Apple’s usually smooth operations. Unveiling the core reasons behind this nosedive reveals an intricate interplay … Read more Apple, the tech titan revered for its groundbreaking products, recently felt the heat from investor apprehensions. With a jaw-dropping dip of $200 billion in market value in a mere two-day span, one has to wonder what threw a wrench into Apple’s usually smooth operations. Unveiling the core reasons behind this nosedive reveals an intricate interplay of geopolitical tensions, robust competitors, and market dynamics. China’s Clampdown: A Spanner in the Works The root of Apple’s recent troubles can be traced back to Beijing. Rumblings suggest the Chinese government might be curbing the use of iPhones by its officials. While Apple might be on the brink of unveiling their latest smartphone – the iPhone 15, the Chinese debacle has cast a pall over…

    Article 2023年9月9日
  • Top crypto tweets of the day – June 5th

    Contents hide 1 US SEC Sues Binance and CEO Zhao for Breaking US Securities Rules 2 Binance’s outflow spikes after SEC suit 3 The end goal of the US crypto crackdown is an agenda-based CBDC, says Cardano founder 4 BNB, and other major altcoins take a hit amid SEC Binance lawsuit 5 SEC names SOL, ADA, MATIC, FIL, ATOM, and others as securities 6 BTC and ETH’s long-term volatility hit 2-year low 7 BNB market depth on Binance has more than halved since news of the SEC lawsuit 8 Jeffrey Wilcke, one of the Ethereum co-founders, just sent 22k ETH to Kraken 9 Atomic Wallet had a malicious update that sent your private keys to an attacker once you opened the app 10 Debt Ceiling raised, $1T in new bonds to hit the market US SEC Sues Binance and CEO Zhao for Breaking US Securities Rules Bloomberg reported that the US SEC Sues Binance and CEO Zhao of Breaking US Securities Rules. https://t.co/d4blJA2chv Earlier, the U.S. CFTC sued Binance and its CEO Zhao for violating U.S. derivatives rules. Today’s media…

    Article 2023年6月10日
TOP