In a bid to regain the trust of its European customers, Binance has formed new partnerships with fiat providers to enable Euro transactions. This comes after Binance ended its collaboration with Paysafe, its previous Euro-transition partner.
The newly established partnerships will offer a range of fiat services, including Euro transactions through Open Banking, SEPA, SEPA instant, and crypto trades using bank cards and fiat balances. The goal is to make it easier for new users to buy and sell cryptocurrencies by eliminating barriers and creating a more intuitive experience.
These partnerships are particularly important for the global adoption of digital assets, as Binance believes that a seamless pathway between fiat and crypto is crucial. However, Binance has faced regulatory challenges in Europe, such as being denied a custody license by Germany’s BaFin.
Furthermore, the exchange has experienced executive departures and compliance issues in various regions. In the United Kingdom, Binance.US had to restrict new user registrations to comply with local regulations. Meanwhile, Binance.US faced issues in the US market due to non-FDIC insured deposits.
Hot Take: Binance Strives for European Market Recovery
Binance’s efforts to restore its European customer base demonstrate its commitment to addressing regulatory challenges and rebuilding trust. By partnering with new fiat providers, Binance aims to simplify the process of buying and selling cryptocurrencies for newcomers while expanding its services across Europe.
By
By
By
By