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Crypto News

Binance Responds to Paysafe’s Euro Service Suspension

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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In light of Paysafe Payment Solutions’ abrupt decision to halt euro (EUR) deposits and withdrawals for Binance customers, the world’s leading cryptocurrency exchange has recommended that affected users either convert their euro balances to Tether (USDT) or withdraw them to their bank accounts. This development follows Paysafe’s earlier announcement in June to discontinue its embedded wallet solution for Binance users across Europe.

Paysafe, a UK-based payment processor, was slated to end support for euro bank transfers to and from Binance via the Single Euro Payments Area (SEPA) by the end of September. Binance has now advised its users to convert their euro balances to USDT before October 31, 2023. Those who prefer not to convert can still withdraw their euro balances to their bank accounts.

In an official announcement, Binance outlined the implications of Paysafe’s decision on its services. Euro deposits via Paysafe were halted on September 25, and from September 28, users are unable to use euro balances to purchase or sell cryptocurrencies. However, the exchange reassured users that they could still buy crypto with euros using credit or debit cards.

Furthermore, all Paysafe users will be unable to trade EUR spot trading pairs and are encouraged to cancel any open orders involving such pairs. Binance is also discontinuing Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs for users utilizing Paysafe.

In terms of other affected services, Binance Convert will be restricted to a “reduce only” mode, enabling users to convert euros to cryptocurrencies via market orders, but not vice versa. Auto-Invest EUR plans for Paysafe users have also been temporarily suspended.

Binance took the opportunity to reassure its clientele that all funds are secure and that the suspension affects only specific services related to euro transactions. The crypto giant is also actively working to integrate new fiat channels to ensure a smooth and uninterrupted crypto experience for all its users.

This setback is one of several challenges Binance has encountered in recent times as the exchange navigates increased scrutiny and regulatory pressures, particularly in Europe and the U.S. Despite these challenges, Binance remains committed to adapting its services to meet regulatory requirements while continuing to offer a comprehensive crypto trading platform to its global user base.