Crypto exchange Binance has successfully reinstated its euro services, including payments, deposits, and withdrawals, for European users after securing new fiat partners. This development comes a month after losing its previous fiat partner, PaySafe, in September.
Facing regulatory challenges and issues related to banking support in the European Union, Binance embarked on the quest for new banking partners following the discontinuation of its partnership with PaySafe.
The Announcement and New Fiat Partners
In a statement issued on October 19, Binance revealed that it had entered into agreements with new fiat partners to facilitate euro-related services. While the exchange did not specify the names of these partners, it emphasized that these partners are regulated and authorized entities.
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 newly established fiat partnerships offer a range of services, including euro deposits and withdrawals through Open Banking and SEPA/SEPA Instant. Users can now engage in activities such as purchasing and selling cryptocurrencies using SEPA (Single Euro Payments Area), bank cards, and their fiat balances. Additionally, they can trade EUR spot pairs.
Addressing User Concerns
In late September, Binance encouraged its European users to convert their euros into Tether (USDT) before the end of October. However, this may no longer be necessary with the announcement of new fiat partners.
Some users had reported difficulties in depositing euros even after the announcement. Additionally, there were inquiries from users in the UK regarding fiat partners for the British pound. Paysafe had ceased supporting transactions in British pounds in May due to concerns raised by UK financial regulators.
Challenges in the UK Market
On October 16, Binance temporarily suspended access to its exchange for new users based in the UK. This decision followed the termination of a partnership with a third-party provider responsible for approving communications on its platform. This move was in response to new local regulations established by the UK’s Financial Conduct Authority (FCA). As of now, Binance has not yet secured fiat partnerships for its UK exchange, leaving British users unable to deposit GBP.
Binance’s successful reestablishment of euro services reflects the exchange’s commitment to serving its European user base and overcoming regulatory and banking obstacles.