Binance Partners with New Fiat Providers for Euro Payments
Binance, the world’s largest cryptocurrency exchange, has announced new partnerships to enable euro payments for its European users. This comes after its previous fiat partner, PaySafe, withdrew due to regulatory concerns. Although Binance did not disclose the names of the new partners, it stated that several “regulated and authorized” companies are involved.
Integrations Go Live
The new fiat partners will offer various services, including facilitating deposit withdrawals through Open Banking and Single Euro Payments Area (SEPA), buying and selling cryptocurrencies using SEPA/SEPA Instant, purchasing cryptocurrencies with bank cards, and trading cryptocurrencies with fiat balances.
Binance Users Still Experiencing Issues
Despite the new partnerships, some users are still encountering difficulties. One user, Ricardo Antunes, reported unsuccessful attempts to make a deposit. Other users have inquired about fiat partners for the British pound in the U.K.
Binance Suspends Access for New Users in the U.K.
Binance recently suspended access to its platform for new users based in the U.K. This decision was prompted by the termination of a partnership that had been responsible for approving communications on the platform, as required by the Financial Conduct Authority (FCA) under new regulations.
Paysafe had previously ceased processing euro deposits for Binance customers, compounding regulatory challenges faced by Binance globally. As an interim solution, Binance advised customers holding euros to convert them into Tether (USDT) until alternative arrangements could be made.
Hot Take: Binance Continues to Adapt Amid Regulatory Hurdles
Binance’s recent partnerships aim to address concerns related to euro payments and expand its services for European users. However, some users are still experiencing issues, highlighting the challenges faced by the exchange. Binance’s decision to suspend access for new users in the U.K. further demonstrates its commitment to comply with regulatory requirements. As Binance navigates these hurdles and seeks new partnerships, its ability to adapt will be crucial for maintaining its position as a leading cryptocurrency exchange.
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