Paysafe to Stop Euro Deposits and Withdrawals for Binance
Paysafe, a UK-based payment processor, has announced that it will no longer support euro deposits and withdrawals for cryptocurrency exchange Binance. This decision comes as Binance faces regulatory crackdowns in various jurisdictions across Europe. Paysafe cited a strategic review as the reason for ceasing its wallet solution for Binance in the region. The two companies are working together to implement a fair process to terminate the service over the next few months.
Key points:
– Paysafe will no longer support bank transfers of euros to and from Binance via the SEPA network.
– Binance will be changing its provider for euro deposits and withdrawals.
– All other methods of depositing and withdrawing fiat currencies and buying and selling crypto on Binance.com are unaffected.
– Binance has faced increased pressure in EU member states, with Belgium ordering a cessation of all crypto services and French prosecutors investigating the exchange for money laundering violations.
– Binance’s market share of euro-denominated crypto trading has dropped to 13% this year, while its US subsidiary’s market share fell to 1.5%.
Paysafe had already stopped supporting withdrawals and deposits for Binance in the UK earlier this year, resulting in a decrease in crypto trading volume denominated in British pounds. Paysafe will continue to support transfers for Binance in Europe and Latin America.
Hot Take
The decision by Paysafe to stop euro deposits and withdrawals for Binance is another blow to the cryptocurrency exchange’s operations in Europe. With regulatory crackdowns and increasing pressure from various jurisdictions, Binance is facing significant challenges. This move by Paysafe reflects the growing concerns surrounding Binance’s compliance with money laundering regulations. Binance will need to quickly find a new provider for euro transactions to ensure uninterrupted services for its users.
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