Paysafe Ends European Binance Partnership

Updated: 29 June 2023

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Paysafe Payment Solutions, the banking partner responsible for facilitating euro transactions for Binance, is terminating its support for the cryptocurrency exchange after September 25.

Paysafe Withdrawal Adds to Regulatory Misery

This decision comes at a time when Binance, known as the largest crypto exchange globally based on trading volume, is encountering growing resistance from financial regulatory bodies both in Europe and the United States.

A spokesperson for Binance stated that, “Binance will be changing the provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner, Paysafe, will no longer be providing these services to Binance users from 25th September 2023.” The service has already been withdrawn in the UK.

Users will need to update their banking details to continue using SEPA services after this date and may be required to accept new terms and conditions.

Binance has been entangled in legal disputes, with the US Securities and Exchange Commission (SEC) suing it, Binance.US, and CEO Changpeng “CZ” Zhao for multiple violations of federal securities laws.

The allegations include offering unregistered securities and commingling customer funds. As a result, Binance has been scaling back its operations in several countries, including the Netherlands, Cyprus, and the UK.

Regulators are closely monitoring Binance in an effort to crack down on potential money laundering activities. To address these concerns, Binance and its US affiliate recently reached an agreement with the SEC to ensure that US customer assets remain within the country until the ongoing lawsuit is resolved.

Chengpang Zhao, the head of Binance, has not given much of a response to this news, tweeting:

We keep building.

— CZ 🔶 BNB (@cz_binance) June 28, 2023

Binance Coin (BNB) Struggles as Support Levels Test its Strength

The price of Binance Coin (BNB) continues to face a daunting challenge as it tests a critical support level at $240. Each attempt by bullish investors to stage a recovery is met with discouragement due to negative developments within the Binance ecosystem.

Since June 5, when the SEC filed a lawsuit against Binance and its CEO, the token has witnessed a sharp decline of approximately 25%.

This downward trajectory started with a substantial 10% slump, which was later followed by an additional 15% drop. As a result, BNB finds itself confined within a crucial zone, with boundaries marked at $256.2 and $231.2.

Interestingly, a similar occurrence took place back in December, when investor trust in centralized platforms was shaken by the FTX exchange. This event served to prolong the bear market, adding to the challenges faced by BNB.

Upon examining the BNB/USDT 1-day chart, it becomes evident that for Binance Coin to regain its footing, bullish investors must divert their attention from the prevailing bearish fundamentals, as revealed in an official announcement from Binance regarding yet another lost banking partner.

A glimmer of hope would emerge with a decisive daily candlestick closure above the upper boundary of the consolidation zone at $256.2. However, it is important to note that true relief for Binance Coin can only be achieved with a daily close above $348.4, a level not witnessed since mid-April.

BNB Volatile But Better Alternatives Are Available

Because BNB and other major altcoins are trading inside volatile zones, better options would be to invest in crypto presales such as Wall Street Memes.