Binance’s euro banking partner, Paysafe Payment Solutions, will stop offering its services for the world’s largest cryptocurrency exchange from Sept. 25.
See related article: SEC lawsuit sees Binance.US wobble, trading platforms delist cryptos
Fast facts
- “We are contacting you to let you know that we will be changing the provider for EUR deposits and withdrawals. Our current EUR fiat payments partner, Paysafe Payment Solutions Limited (Paysafe), will stop offering [Single Euro Payments Area] deposit services to Binance users from 25th September 2023,” according to a notice issued by Binance on Wednesday.
- After the date, users will have to update their bank details used for deposits to their Binance accounts. Additionally, they may need to agree to new terms and conditions to continue using SEPA, a cashless euro payments network of the European Union, the notice read.
- According to a report by finance media Finance Forward on Thursday, sources close to the matter revealed that Binance had been denied a custody license by Germany’s financial regulatory authority, piling on to the exchange’s regulatory woes in the EU.
- The developments come two weeks after reports surfaced of Binance France being investigated for money laundering and the illegal provision of digital asset services. The same week, Binance announced it would leave the Dutch market, as it could not register as a virtual asset service provider with the country’s regulator.
- Binance.US was sued by the Securities and Exchange Commission (SEC) at the beginning of June, for charges related to securities violations.
- Binance’s BNB token rose 0.27% to US$234.74 in the 24 hours leading up to 6:50 p.m. in Hong Kong on Thursday. The token has been trading under US$300 since the SEC’s lawsuit was announced in early June.
See related article: BlackRock files for spot Bitcoin ETF, taps Coinbase as custodian
