Crypto exchange Binance renews euro services after new fiat partners

Crypto exchange Binance has announced new partners to handle euro deposits and withdrawals, months after losing its former fiat partner PaySafe in September.

In a statement on October 19, Binance announced that it has signed agreements with new fiat partners for euro payments, deposits and withdrawals.

The move follows regulatory and debanking woes in the European Union after PaySafe lost support in September, forcing the firm to seek new banking partners.

Binance says users have already started migrating to new services offered by “several new regulated and authorized fiat partners.” But he did not disclose which organizations he cooperated with.

More Euro fiat channels have arrived on #Binance

We are proud to announce that we have entered into agreements with several new Euro partners to provide deposit, withdrawal and payment services, making your experience even more seamless.

Find out more https://t.co/jKh2QxH3sN

— Binance (@binance) October 19, 2023

The announcement includes fiat services offered by the new partners including Euro deposits and withdrawals via Open Banking and SEPA/SEPA Instant.

Users can buy and sell crypto and trade euro spot pairs using SEPA (Single Euro Payment Area), bank cards and their fiat balances.

At the end of September, Binance urged its European users to convert their Euros to Tether (USDT) before the end of October, although the latest announcement may indicate that this is not necessary now.

Related: Binance Limits Withdrawals in Europe, Citing Payment Processor Issues

However, some users reported issues with entering euros even after the announcement, while others asked about fiat counterparts to the British pound in the UK.

Paysafe withdrew support for transactions in British pounds in May following concerns raised by UK financial regulators over the partnership.

On October 16, Binance suspended access to the exchange for new users based in the UK. The move comes after the country's watchdog, the Financial Conduct Authority (FCA), terminated its partnership with a third party to approve communications on the platform.

Binance has yet to introduce fiat partnerships to the UK exchange, where British users still cannot deposit GBP.

Cointelegraph contacted Binance for more details but did not receive an immediate response.

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