Binance France Partnership with Paysafe Ends: What You Need to Know
Binance has released an official statement addressing the expiration of its partnership with Paysafe in France and providing guidance on how users should proceed. The decision by Paysafe to stop processing EUR deposits for Binance users has been deemed “unilateral” and has caught Binance by surprise. As a result, there may be a brief interruption to certain services offered by the exchange.
Paysafe’s Decision and its Impact on Binance Users
In their recent blog post, Binance acknowledged that Paysafe made the sudden and inexplicable decision to halt the processing of EUR deposits for Binance users. This decision is expected to cause a temporary disruption to certain services provided by Binance. To mitigate any inconvenience caused, Binance has advised users to convert their EUR balances to USDT stablecoin before October 31st. However, customers will still be able to withdraw their EUR balances from their Binance accounts to their bank accounts.
Starting from September 28th, users will no longer be able to buy or sell crypto using EUR balances. Paysafe users will also lose the ability to trade EUR spot trading pairs, and open orders will be canceled after one hour. Additionally, EUR transactions on Binance Convert will be restricted to the EUR reduce-only mode.
Auto-Invest EUR plans for Paysafe users will be temporarily paused, and they may not be able to subscribe to new Auto-Invest plans with EUR in the future. However, Binance assured that Auto-Invest EUR services will continue as usual for other users.
“Please rest assured all funds are secure, and all other crypto-related services remain unaffected. Putting users first is Binance’s most important principle. We are working to integrate new fiat channels onto Binance soon, as in line with our mission to provide a seamless crypto experience for all users.”
The End of Binance’s Partnership with Paysafe
Paysafe served as Binance’s banking partner in France, facilitating EUR deposits and withdrawals through SEPA bank transfers. However, the partnership officially ended on September 25th, and Binance is currently facing challenges in securing a new banking partner to replace Paysafe. The company is actively working onboarding new partners and expects to provide an update soon.
In addition to the expiration of its partnership with Paysafe, Binance recently announced its departure from the Russian market by selling its business to rival CommEx.
Hot Take: Binance Navigating Challenges in France Amid Partnership Expiration
The expiration of Binance’s partnership with Paysafe in France has presented challenges for the crypto exchange. Paysafe’s decision to stop processing EUR deposits without prior notice has caused disruptions to certain services offered by Binance. However, Binance is committed to ensuring the security of user funds and is actively working on integrating new fiat channels onto the platform. Despite these challenges, Binance remains dedicated to providing a seamless crypto experience for all users.
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