Paysafe Payment Solutions Ltd, the exchange’s current banking partner for euro transactions, will stop supporting the cryptocurrency exchange from September 25.
Binance, which has faced many regulations recently and started to lose market share, is now facing a new negative development regarding euro transactions.
Paysafe Payment Solutions Limited, Binance’s current euro transactions banking partner, will stop supporting the crypto Exchange after September 25.
In a statement to Coindesk, Binance said, “Binance will change its provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner Paysafe will no longer provide these services to Binance users as of September 25, 2023.”
SEPA, short for “Single Euro Payments Area”, refers to the European Union’s integrated, cross-border payment network for euro transactions.
This development emerged as a new development that will force the stock market after Binance, the world’s largest crypto exchange by trading volume, faced the reaction of financial regulators in Europe and the USA.
Earlier this month, the U.S. Securities and Exchange Commission (SEC) told Binance, Binance.US, and CEO Changpeng “CZ” Zhao that they violate multiple federal securities laws, including allegations regarding the offering of unregistered securities and the use of client funds. filed a lawsuit.
Since then, the exchange announced its withdrawal from the United Kingdom and the Netherlands, while Belgium’s market regulator decided that Binance would cease offering crypto services in the country.
In February 2022, the UK’s financial regulator expressed concerns about Binance gaining access to the country’s primary payment network after the exchange struck a deal with Paysafe, the Financial Times reported.