Binance Urges Traders to Take Action Amid Paysafe Suspension of EUR Transfers
Crypto exchange Binance is advising its customers who use the services of Paysafe Payment Solutions to take action following the payment processor’s decision to suspend euro (EUR) deposits and withdrawals for Binance users. Paysafe had previously announced that it would stop offering its embedded wallet solution to Binance in Europe, with support for euro bank transfers expected to be dropped by late September. In response, Binance is recommending that users convert their euro balances to tether (USDT) or withdraw them to their bank accounts before October 31, 2023. Binance has also detailed the services affected by Paysafe’s decision.
Please be assured that users can continue to buy crypto using EUR with their credit/debit cards.
Paysafe users will no longer be able to trade EUR spot trading pairs and are advised to cancel open orders on such pairs. Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs for Paysafe users will also be terminated. Additionally, Binance Convert will enter reduce only mode, allowing traders to convert euro to crypto but not the other way around, and Auto-Invest EUR plans of Paysafe users have been paused. Despite these challenges, Binance assures customers that all funds are secure and that other crypto-related services remain unaffected.
Hot Take: Binance Faces Challenges Amid Regulatory Pressure
Binance continues to face challenges as regulators in Europe and the U.S. increase scrutiny on the world’s largest crypto exchange. The suspension of EUR transfers by Paysafe is just one of the issues Binance has had to navigate in recent months. Its local arm in the U.S. lost banking support, market share, and jobs, leading the company to transition to crypto-only trading. Binance remains committed to providing a seamless crypto experience for its users and is working to integrate new fiat channels onto the platform in the near future.
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