Key Takeaways
* Paysafe Payment Solutions Limited is discontinuing EUR deposits for Binance users.
* Affected users have until October 31, 2023, to convert EUR balances to USDT.
* Multiple Binance services, including Spot Trading and Auto-Invest, are impacted.
Paysafe Ceases EUR Deposits for Binance Users
Paysafe Payment Solutions Limited (Paysafe) has made the unilateral decision to stop processing EUR deposits for Binance users. This change took effect on September 25, 2023, at 00:00 (UTC). The crypto community is puzzled by this sudden move as no clear reason has been provided for the decision.
Binance has instructed Paysafe users to convert their EUR balances to USDT before October 31, 2023, at 00:00 (UTC). Alternatively, users can still withdraw their EUR balances to their respective bank accounts. Binance assures its users that all funds are secure and that other crypto-related services are not affected by this change.
Disruptions Across Binance Services
This decision by Paysafe has resulted in disruptions across various Binance services:
Spot Trading: Starting from September 28, 2023, at 04:00 (UTC), Paysafe users will no longer be able to trade EUR spot trading pairs. Open orders on these pairs will begin to be canceled from September 28 at 05:00 (UTC).
Buy/Sell Crypto: As of September 28, 2023, at 04:00 (UTC), users will no longer be able to buy or sell crypto using EUR balances.
Binance Convert: The Convert feature will be restricted to EUR reduce-only mode starting from September 28 at 04:00 (UTC).
Auto-Invest: Auto-Invest EUR plans for Paysafe users will be paused from September 28 at 04:00 (UTC).
Binance is actively working on integrating new fiat channels to minimize the impact of this decision.
Hot Take: Paysafe’s Abrupt Decision Causes Disruptions on Binance
The sudden discontinuation of EUR deposits by Paysafe Payment Solutions Limited has created confusion and disruptions within the Binance platform. Despite the lack of a clear explanation for this decision, Binance has provided instructions for affected users to convert their EUR balances to USDT or withdraw funds to their bank accounts. Various services such as Spot Trading, Buy/Sell Crypto, Binance Convert, and Auto-Invest have been affected by this change. Binance is taking steps to mitigate the impact by integrating new fiat channels. It remains to be seen how this decision will shape the future of Binance’s relationship with Paysafe and its users.
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