Paysafe stops supporting payments for Binance users in the EU
Paysafe stops supporting payments for Binance users in the EU
International payment company Paysafe, Binance's European partner, announced that it will stop supporting the exchange's users as of September 25 due to increased regulatory scrutiny.
At the same time, many Binance users have already announced that they are unable to access the service. Erwin K. Ursic said he sold some ETH for euros on September 12 but was unable to withdraw the currency. Instead, he received a message that his account had been prematurely closed.
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According to a Binance spokesperson, the "early closure" process initiated by Paysafe affected a small number of its users.
According to details published by CoinMarketCap, the payment company did not provide any further comment.
Paysafe was Binance's main financial partner in Europe, providing the ability to deposit and withdraw fiat funds via bank transfers within the Single Euro Payments Area (SEPA).
It is worth noting that the first information that Paysafe would no longer support euro payments for exchange users as of September 25, 2023, appeared in mid-July. At that time, Binance issued an "Action Required" notice to its European clients and launched a number of initiatives to ensure a smooth transition.
Binance continues to actively search for a new European banking partner.
Recall that recently, the largest cryptocurrency exchange has been under the scrutiny of regulators around the world.
Read also: Coinbase launched a media campaign in support of crypto regulation legislation.
