Binance has announced that its euro banking
partner, Paysafe Solutions, will stop supporting payments for the
cryptocurrency exchange from September 25. The development follows
concerns by the UK’s financial regulator over Binance’s use of the country’s
payment network.
“Following this
date, you will be required to use new banking details to make EUR deposits into
your Binance fiat wallet and may be required to accept new terms and
conditions,” the exchange notified users.
However, Binance clarified that only the euro deposits and
withdrawals functions provided by Paysafe, such as through Bank Transfer
(SEPA), were affected, and not any other fiat deposits or withdrawals services. The abbreviation for Single Euro Payments Area, SEPA is a cross-border payments
network in the European Union.
In January, Binance and
Paysafe entered
into a partnership that
enabled the cryptocurrency exchange to access Faster Payments Service,
a payments network that connects financial services providers in the UK. Besides that, the partnership allowed Binance to access the SEPA payment network.
However, according to a report by the Financial Times, the Financial Conduct Authority (FCA) expressed concerns about…
