Binance Urges European Users to Switch Euros to USDT Following Paysafe's Support Withdrawal
Summary:
Binance, the cryptocurrency exchange, has advised its European users to switch their Euros into Tether (USDT) by the end of October. This decision was taken after Binance's banking partner, Paysafe, chose to halt processing Euro deposits for Binance users. However, users can still transfer their Euro balances from Binance accounts to their own bank accounts. Any open orders will be cancelled an hour after it comes into effect. The discontinuation follows Paysafe's move to end its support for GBP transactions in May, creating difficulties for Binance in Western regions.
In a recent announcement, Binance has implored its customers to transition their Euros into Tether (USDT) before the conclusion of October, due to the loss of support from its banking associate. On the 28th of September, the cryptocurrency exchange entreated its European users who use Paysafe to transmute their EUR in their Binance accounts into USDT before the 31st of October. This suggestion came as a result of Paysafe's independent resolution to cease processing EUR deposits for users of Binance. Despite this, Binance clarified that account holders would still be able to extract their EUR balances from their Binance accounts and transfer them into their banking accounts. Users of Paysafe were advised to take necessary measures promptly.
As of the 28th of September at 4:00 am UTC, Paysafe users would be unable to partake in EUR spot trading pairs. An hour later, any open orders would be discontinued. Furthermore, Binance Convert, which functions similarly to a token swap, would also be barred from EUR transactions. Relevant information regarding the discontinuation of Euro deposits was released on the 25th of September by Paysafe. Prior to this, the company had been assisting fiat deposits and withdrawals for Binance users located in Europe, including through bank transfers in the EU’s Single Euro Payments Area (SEPA). The notice also mentioned Binance's planned integration of new fiat channels onto its platform.
Binance France had also suggested to its clientele on the 27th of September to convert all their fiat possessions into cryptocurrency without delay. This decision is just a recent addition to the pile of issues Binance is experiencing related to legislation and debanking in the west. In May, Paysafe withdrew its support for GBP transactions after UK financial regulators voiced concerns regarding the collaboration. In June, Binance declared to depart from the Netherlands, a week before local authorities in Belgium demanded the suspension of its services. Nevertheless, on Sept. 26, it announced the reopening of new registrations to Belgian residents.
Published At
9/28/2023 5:36:29 AM
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