After
withdrawing support for GBP payments in May, Binance is now suspending EUR operations
offered through Paysafe. Although the news of the exchange’s suspension of its
partnership with the payment company in Europe has been known for several
months, the platform today (Thursday) suggested that its users begin converting
their euros to USDT.
According
to a
statement released by Binance, Paysafe “unilaterally decided” to
cease processing euro deposits for the exchange’s users. As a result, the
platform advises traders to take certain preemptive measures, encouraging them
to transfer their euros to Tethers, one of the most popular stablecoin.
The
exchange recommends that users complete the conversion before 31 October.
“The sudden and inexplicable decision by Paysafe will cause a brief
interruption to the following services. We apologize for any
inconvenience,” Binance commented in an official statement.
The
collaboration between Paysafe and Binance began in March last year, enabling
exchange users to deposit and withdraw funds in euros and pounds and trade in
pairs quoted in EUR and GBP. In May 2023, however, Paysafe withdrew from
processing payments in pounds, citing regulatory uncertainty in the UK.
A month
later, the partnership with Binance was completely severed following a
“strategic review” and growing regulatory concerns. This occurred
during a period when the exchange was already…
