Customers in Europe Experience Issues with Fiat Withdrawals on Binance
Customers of Binance cryptocurrency exchange in Europe have reported problems with fiat withdrawals due to complications with Single Euro Payments Area (SEPA) transfers. Binance issued a customer support message in response to a complaint from a user who was unable to withdraw euros or execute sales on the platform. The message stated that EUR withdrawals and deposits via SEPA have been temporarily suspended. Binance’s payment provider is no longer able to support these transactions, and there is currently no specific timeframe for when SEPA transfers will be restored. Binance apologized for the inconvenience and assured users that they are actively working to resolve the issue.
Key Points:
- European users of Binance are facing difficulties with fiat withdrawals linked to SEPA transfers.
- Binance has temporarily suspended EUR withdrawals and deposits via SEPA.
- The exchange does not have a specific time frame for restoring SEPA transfers.
- Binance’s payment provider can no longer support these transactions.
- Users are advised to wait for Binance to find a new payment provider.
Binance Clarifies SEPA Service Continuation After Customer Support Message Error
Binance clarified that a customer support message posted on social media was a mistake and that the SEPA deposit and withdrawal service will continue until September 25, as originally announced. Binance had previously notified its users about discontinuing support for the crypto exchange by its current euro banking partner. The exchange plans to transition to a new service provider for handling euro deposits and withdrawals through SEPA bank transfers, but the identity of this provider has not been disclosed yet. Binance assured users that the existing procedures for depositing and withdrawing fiat currencies and buying and selling cryptocurrencies on Binance.com remain unchanged.
Hot Take:
The temporary suspension of EUR withdrawals and deposits via SEPA on Binance has caused inconvenience to European users. Binance’s response to the issue has been mixed, with a customer support message initially stating that the suspension was permanent, only to later clarify that it was a mistake. The exchange’s plans to transition to a new service provider for handling euro transactions may alleviate the problem in the long run. However, the lack of transparency regarding the identity of this provider raises concerns about the reliability and stability of Binance’s services. It remains to be seen how Binance will address these issues and regain the trust of its European customers.
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