Crypto exchange Binance restores euro services after new fiat partners

Crypto exchange Binance has announced it has onboarded new partners to handle euro deposits and withdrawals, months after losing its previous fiat partner PaySafe in September. 

In an Oct. 19 statement, Binance announced that it had signed agreements with new fiat partners for euro payments, deposits, and withdrawals.

The move follows regulatory and debanking woes in the European Union, where the firm was forced to look for new banking partners after it lost the support of PaySafe in September.

Binance said that users have already started being migrated to the new services provided by “a number of new regulated and authorized fiat partners.” It did not specify which firms it had partnered with, however.

More EUR fiat channels have arrived on #Binance

We’re proud to announce that we’ve entered into agreements with multiple new EUR partners to provide deposit, withdrawal, and payment services, making your experience even more seamless.

Find out more https://t.co/jKh2QxH3sN

— Binance (@binance) October 19, 2023

The announcement noted that fiat services offered by the new partners include EUR deposits and withdrawals via Open Banking and SEPA/SEPA Instant.

Users can also buy and sell crypto using SEPA (Single Euro Payments Area), bank cards, and their fiat balances, and trade EUR spot pairs.

In late September, Binance urged its European users to convert their euros into Tether (USDT) before the end of October, though the latest announcement could suggest this is now not necessary.

Related: Binance limits withdrawals in Europe, cites payment processor issues

However, some users were still reporting issues depositing euros even after the announcement, while others asked about fiat partners for the British pound in the UK.

Paysafe pulled support for transactions in British pounds in May following concerns raised by United Kingdom financial regulators over the partnership.

On Oct. 16, Binance suspended access to its exchange for new users based in the UK. The move followed the termination of a partnership with a third party to approve communications on its platform under new local rules by the country’s watchdog, the Financial Conduct Authority (FCA).

Binance has yet to source fiat partnerships for its UK exchange where British users are still unable to deposit GBP.

Cointelegraph contacted Binance for more specifics but did not receive an immediate response.

Magazine: SBF’s alleged Chinese bribe, Binance clarifies account freeze: Asia Express