On Oct.19, leading global cryptocurrency exchange Binance announced it had signed agreements with new fiat service providers to manage euro (EUR) deposits, payments, and withdrawals.
The move comes after the exchange’s former payments partner, PaySafe, terminated its partnership with Binance in September due to regulatory concerns in the European Union. At the time, Binance users were requested to convert their fiat currency to stablecoins like Tether (USDT). However, customers no longer have to covert their assets because the company has partnered with new payment providers.
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
The fiat services include euro withdrawals and deposits via Open Banking and SEPA/SEPA Instant, the announcement noted. Additionally, users can buy and sell digital assets using bank cards, the Single Euro Payments Area (SEPA) and fiat balances, as well as trade across euro spot pairs.
The exchange noted:
“Binance’s mission is to increase the freedom of money globally, and having partners that enable us to meet this goal is crucial. The majority of our users around the world now have easy access to crypto through our fiat partner relationships.”
The company believes that it can be confusing for new users to buy or sell crypto if there’s no simple way.
The exchange did not disclose new payment partners. However, Binance reassured that these companies have full “regulatory authorization” to manage euro transactions. Binance also mentioned that users have begun migrating to the new services offered by these fiat partners.
British Users Facing Difficulty In Processing Fiat Transactions
Some users on X (formerly Twitter) have reported that they are still having trouble depositing EUR to the exchange after the announcement. Additionally, another user asked about the companies that Binance partnered with to manage British pound transactions in the United Kingdom.
Earlier this week, Binance halted access to its exchange for new users residing in the UK due to the termination of its partnership with Rebuildingsociety.com.
Paysafe stopped supporting British pound transactions in May this year due to concerns raised by financial regulators in the UK. Binance is looking for partners to resolve the GBP depositing issue.