- Binance has secured new partners for Euro transactions, addressing uncertainty following Paysafe’s decision to halt operations
- The exchange has now signed agreements with authorized partners to offer a variety of fiat services to European users
- Binane recognized the importance of easy fiat-crypto transactions for global adoption
Binance has signed up new partners for Euro transactions, ending uncertainty for users who want to deposit and withdraw funds from the platform. The news comes a month after Binance’s previous Euro banking partner, Paysafe, declined to renew its contract with the exchange giant. Binance is feeling the effects of the global regulatory crackdown on its operations, with payment processors in multiple countries deciding not to risk their reputations or any legal entanglements by either pulling out of deals with the company or avoiding it altogether.
Binance Feeling the Effects of Tightening Regulation
Binance began to offer bank and debit card withdrawals to UK and EU users at the start of 2021, signing a deal with PaySafe in 2022 to be the facilitator of GBP and EUR deposits and withdrawals. However, PaySafe announced in September that it was not going to renew its partnership, leading to Binance scrambling to find another processor willing to work with it.
As a result of its efforts, Binance announced yesterday that it has entered into agreements with multiple authorized partners to offer a range of fiat services to European users, with deposits and withdrawals being the primary features required by customers.
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
These newly established partnerships will allow users to conduct EUR transactions through Open Banking and SEPA/SEPA Instant, facilitating cryptocurrency trades using bank cards and fiat balances. SEPA (Single Euro Payments Area) encompasses 36 countries within the European Union, allowing for seamless Euro payments.
Easy Conversion Important for Adoption
In its statement, Binance emphasized the importance of simplifying the conversion between fiat and cryptocurrency as vital for greater adoption, adding that the move underscores the company’s commitment to providing a more user-friendly and intuitive experience for new and existing users with the aim of driving the broader acceptance of digital assets on a global scale.
The issues experienced by European users have been echoed in the UK where fiat processors have also eschewed Binance in recent years, constricting the ability of British users to engage with the exchange.
