Binance Euro Business Up And Running Again After PaySafe Withdrawal Last Month

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Updated: 20 October 2023

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Binance signed up new partners to facilitate euro payments for its European user base after previous fiat partner PaySafe withdrew last month amid regulatory concerns.

The world’s biggest crypto exchange said in an Oct. 19 statement that it had signed agreements with a number of ”regulated and authorized fiat partners.” It did not name the companies.

“Users have already started being migrated to the new services,“ it said.

Integrations Go Live

The new fiat partners will provide services including the facilitation of deposit withdrawals via Open Banking and Single Euro Payments Area (SEPA), the buying and selling of crypto via SEPA/SEPA Instant, the buying and selling of crypto with bank cards, and the buying and selling of crypto with fiat balances, it said.

Binance Users Still Facing Issues

Users are still facing issues despite the new arrangements with Ricardo Antunes tweeting that he had tried to make a deposit without success. Other users asked about fiat partners for the British pound in the U.K.

Great news!! 💪. But i just tried to deposit and still do not work 🫤

— Ricardo Antunes (@Antiunes) October 19, 2023

https://twitter.com/chadthechad1/status/1715059064286085307

Binance announced on Monday that it had suspended access to its platform for new users based in the U.K. It was left with no choice following the termination of a partnership with a third party to approve communications on its platform, as is required by the Financial Conduct Authority (FCA) under new rules introduced this month.

Paysafe stopped processing euro deposits for Binance customers last month, adding to a series of regulatory problems for Binance across the world. Binance advised customers holding euros to convert their holdings into Tether (USDT) until new arrangements were made.