Breaking News: Paysafe Terminates Support for Binance
- Paysafe Payment Solutions, Binance’s European banking partner, has announced that it will no longer support Binance in light of global regulatory challenges.
- Paysafe will no longer provide euro deposits and withdrawals via the Single Euro Payments Area (SEPA) after September 25, 2023.
- Paysafe and Binance are working together to implement an orderly and fair process to terminate this service over the next few months.
- The partnership between Paysafe and Binance allowed users to deposit and withdraw EUR on Binance via the SEPA payment network.
- The Financial Conduct Authority (FCA) expressed concerns over Binance’s access to the UK’s financial system, but stated that it could only supervise Paysafe as the agreement was outside its authority.
- Other fiat deposits and withdrawals are not affected, and crypto transactions remain unaffected by this development.
- Binance is facing regulatory probes and lawsuits from global regulators, with recent orders to cease services in Belgium and withdrawals from several countries.
It seems that Binance’s ongoing regulatory challenges have led to another setback, as Paysafe announces its decision to terminate support. While this development may not directly impact crypto transactions, it highlights the increasing scrutiny that Binance is facing from regulators worldwide. Binance will now need to find a new provider for euro deposits and withdrawals, and it remains to be seen how this will affect its operations in the European market.
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