Crypto Exchange Binance Partners with New Fiat Providers for Euro Deposits and Withdrawals
Binance, the cryptocurrency exchange, has announced that it has partnered with new companies to handle euro deposits and withdrawals. This comes after the exchange lost its previous fiat partner, PaySafe, in September. In a statement on October 19, Binance revealed that it has signed agreements with new fiat partners to facilitate euro payments. The move was prompted by regulatory challenges and issues with banking support in the European Union. Binance stated that users have already begun migrating to the services provided by these new regulated and authorized fiat partners.
Expanded Fiat Services for Euro Payments
The announcement highlighted that the new partners offer various fiat services, including euro deposits and withdrawals through Open Banking and SEPA/SEPA Instant. Users can also use Single Euro Payments Area (SEPA), bank cards, and fiat balances to buy, sell, and trade cryptocurrencies in euro spot pairs. This update indicates that users may no longer need to convert their euros into Tether (USDT) as previously advised by Binance.
Issues with Depositing Euros
Despite the partnership announcement, some users still encountered difficulties when depositing euros after the news broke. Additionally, there were inquiries about fiat partners for British pound transactions in the United Kingdom. Paysafe had previously withdrawn support for pound transactions due to concerns raised by UK financial regulators. Binance suspended access to its exchange for new UK users on October 16 after terminating a partnership with a third party approved by the Financial Conduct Authority (FCA).
Conclusion: Binance Expands Fiat Partnerships
Binance’s recent partnerships with new fiat providers for euro deposits and withdrawals demonstrate its commitment to addressing regulatory challenges in the European market. By expanding its network of regulated and authorized partners, Binance aims to offer a seamless experience for its users. However, the exchange is still working on securing fiat partnerships for its UK exchange, where British users are currently unable to deposit pounds. Binance continues to navigate the evolving regulatory landscape to ensure compliance and provide a reliable platform for crypto traders.
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