Binance Restores Fiat Services for Euro Users
Cryptocurrency exchange Binance is now offering fiat services for customers using the euro (EUR). The company has partnered with regulated and authorized providers of fiat services to process EUR payments, deposits, and withdrawals for traders. Binance emphasized the importance of accessible fiat channels in driving cryptocurrency adoption globally. The new partners offer services such as EUR deposits and withdrawals through Open Banking and SEPA/SEPA Instant, buying and selling crypto via SEPA/SEPA Instant, bank cards, fiat balances, and EUR spot pairs for all users.
Paysafe’s Suspension of Services
In June, Binance’s former euro partner, Paysafe, announced that it would no longer support bank transfers of euros to and from the exchange via the SEPA network. Paysafe suspended its services in late September due to regulatory scrutiny on Binance. During this time, users were advised to convert their EUR balances to the stablecoin tether (USDT) or withdraw them to bank accounts while Binance integrated new fiat channels.
Regulatory Challenges Faced by Binance
Binance has faced regulatory challenges this year, with lawsuits and investigations in both Europe and the United States. Binance US, the company’s American subsidiary, recently suspended USD withdrawals after suspending deposits in June. The exchange warned customers that its banking partners were preparing to halt USD transfers.
Hot Take: Expanding Fiat Services Key to Crypto Adoption
By restoring fiat services for euro users, Binance is taking a step towards advancing cryptocurrency adoption worldwide. Easy conversion between fiat and crypto is crucial in attracting participants to the crypto ecosystem. With regulated fiat partners offering EUR payments and withdrawals, Binance ensures convenient access to digital assets for traders. Despite facing regulatory challenges, Binance continues to adapt and provide solutions for its users. By expanding its fiat services, Binance remains committed to making cryptocurrency more accessible and user-friendly.
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