Regulatory pressure forces Binance to suspend Euro bank transfers – It looks like regulatory pressure mounted on world largest cryptocurrency exchange, Binance is not stopping anytime soon especially in Europe as the exchange just announced suspension of Euro deposits through bank transfers.
Financial Watch gathered that as of 8 am UTC on Wednesday, Binance users will no longer be able to make euro deposits through their bank. However, they can still fund their accounts with credit cards and debit cards.
Specifically, euro deposits via the Single Europe Payments Area, or SEPA, have been put on hold indefinitely due to circumstances beyond the exchange’s control, Binance said in the email:
“Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA Bank Transfers from 8 am UTC on July 7, 2021.”
Although Binance didn’t specify the reason for temporarily halting SEPA transfers, the decision likely stems from the onslaught of regulatory action taken against the firm.
The most recent decision came a day after British financial giant Barclays announced it would no longer facilitate customer payments to Binance after financial regulators warned users that the exchange was operating in the United Kingdom without proper licensing. In a follow-up with Cointelegraph, a Binance spokesperson said the exchange was disappointed by Barclays’ ”unilateral action” to block customer payments, namely:
“We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events.”
A similar situation happened in the United Kingdom last month, Binance said customers will no longer be able to use the popular Faster Payments onramp to withdraw British pounds from the exchange.