Following the loss of its former fiat partner, PaySafe, in September, cryptocurrency exchange Binance revealed one month later that it had brought on new partners to manage deposits and withdrawals in euros.
Binance said in a statement on October 19 that it has secured contracts with additional fiat partners for deposits, withdrawals, and payments in euros.
The company was compelled to hunt for new banking partners after losing backing from PaySafe in September due to regulatory and debanking issues in the European Union, which prompted the move.
Users have already begun to switch to the new services offered by “a number of new regulated and authorized fiat partners,” according to Binance. The companies it has worked with were not disclosed.
According to the release, the new partners’ fiat offerings include euro withdrawals and deposits through SEPA/SEPA Instant and Open Banking.
Along with trading euro spot pairs, users may purchase and sell cryptocurrency using bank cards, fiat balances, and the Single Euro Payments Area (SEPA).
Although the most recent release may imply that this is no longer required, Binance asked European customers to change their euros into Tether by the end of October in late September.
After the announcement, some customers were still having trouble depositing euros, while others had questions regarding fiat partners for the British pound in the UK.
Paysafe discontinued supporting transactions in British pounds in May in response to UK concerns. authorities in charge of the partnership’s finances.
On October 16, Binance blocked new users from the United Kingdom from using its exchange. The action came after the Financial Conduct Authority (FCA), the nation’s watchdog, ended a collaboration with a third party to authorize messages on its platform in accordance with new regional regulations.
For its U.K., Binance has not yet secured fiat partnerships, where it is still not possible for British customers to deposit pounds.
