Binance France Urges Customers to Convert Fiat to Crypto Amid Regulatory Issues
Summary:
Following Binance France's loss of euro banking partner, Paysafe, the exchange has proposed that customers convert all fiat money on the platform to crypto. The suggestion comes as Binance struggles to find a new partner since the end of its Paysafe collaboration. The company is facing regulatory issues in Europe and has exited from Netherlands, Belgium and Russia in recent months.
Binance France, having lost its euro banking partner Paysafe, has suggested to its customers via executive comments to the local press, that they should immediately convert all of their fiat holdings on the exchange into cryptocurrency. The collaboration between Binance France and Paysafe came to a close on September 25. Previously, Paysafe had assisted Binance's French arm with the necessary infrastructure needed for euro deposits and withdrawals through SEPA bank transfers. The termination of this collaboration was first announced in late June, yet Binance France has not secured a new partner till this week. The spokesperson for Binance confirmed on September 26, on French radio station, BFM, that the company is presently advising users to quickly convert fiat balances into cryptocurrency free of charge, stating that Binance is swiftly working to incorporate new partners and will have an update soon. Users have reported that a prompt suggesting fiat balance conversion into cryptocurrency automatically appears upon opening the mobile app. From late August, withdrawal issues with fiat currencies had been reported by Binance customers in Europe. The firm had then revealed the suspension of euro deposits and withdrawals through SEPA due to the lack of a supportive payment provider. There has been no further comment from Binance thus far. Regulatory challenges, mainly in Europe, for Binance continue to persist for several months. The exchange has been criticized for alleged non-compliance with financial sanctions against Russia. On June 16, Binance announced its exit from the Netherlands, followed by a Belgian order to cease all services within a week. As of September 27, Binance has fully departed Russia, selling its business to a newly founded cryptocurrency exchange, CommEX.
Published At
9/27/2023 10:05:37 AM
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