Binance Directs European Users to Convert Euros to USDT Following Paysafe’s Termination of Services – In a recent announcement on September 28, global cryptocurrency exchange Binance advised its European users to convert their Euro (EUR) balances to Tether (USDT) prior to October 31. This move comes in response to Paysafe’s unexpected decision to cease processing Euro deposits for Binance users.
Binance highlighted that while Euro deposits will be halted, users would still retain the ability to withdraw Euro balances from their Binance accounts to their respective bank accounts. The exchange urged Paysafe users to “take appropriate actions in advance” to navigate through these changes smoothly.
According to the announcement, as of September 28 at 4:00 am UTC, Paysafe users on Binance will no longer have access to trade Euro spot trading pairs. Furthermore, any open orders will be automatically canceled an hour after the restriction is implemented. The use of Binance Convert, a feature that facilitates token swaps, will also be limited for transactions involving Euros.
Paysafe had previously been a reliable partner for Binance users in Europe, supporting fiat deposits and withdrawals, including bank transfers within the Single Euro Payments Area (SEPA). However, the firm decided to suspend Euro deposits starting from September 25.
In an attempt to adapt to these changes and provide alternatives for its user base, Binance revealed in a bulletin that it is “working to integrate new fiat channels onto Binance soon.”
This development follows a recent recommendation from Binance France, which encouraged its customers to promptly convert all fiat holdings into cryptocurrencies.
Binance has faced a series of regulatory challenges and banking issues in Western countries recently. Paysafe had earlier discontinued support for transactions in British Pounds in May, a decision driven by concerns from UK financial regulators regarding the collaboration with Binance.
Furthermore, Binance has also experienced operational disruptions in other European countries. In June, the exchange announced its withdrawal from the Netherlands, and shortly thereafter, Belgian officials demanded a cessation of its services in Belgium. However, as of September 26, Binance has resumed accepting new registrations from Belgian residents. These events mark the ongoing complications and adjustments in Binance’s operations amidst a shifting regulatory landscape in Europe.