Binance’s current banking partner for euro transactions, Paysafe Payment Solutions Limited, will cease to support the cryptocurrency exchange after September 25th.
In a statement sent to Coindesk, Binance stated, “Binance will be changing its provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner, Paysafe, will no longer be providing these services to Binance users starting from September 25, 2023.
According to a report by the Financial Times in February 2022, the UK’s financial regulator expressed concerns about Binance gaining access to the country’s primary payment network following its agreement with Paysafe.
SEPA, which stands for “Single Euro Payments Area,” refers to the integrated, cross-border payment network for euro transactions within the European Union.
This development emerged as a new challenge for Binance, the world’s largest cryptocurrency exchange by trading volume, following reactions from financial regulators in Europe and the United States. It adds to the pressures faced by the exchange in these regions.
At the beginning of this month, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, Binance.US, and CEO Changpeng “CZ” Zhao. The lawsuit alleged violations of numerous federal securities laws, including offering unregistered securities and engaging in the misuse of customer funds.