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.
Binance Advises Users to Convert EUR 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 themto 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. However, in May 2023 Paysafe withdrew its services 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 grappling with lawsuits from American oversight commissions, and more European regulators were expressing negative views about its operations.
As of 28 September, users no longer have the option to buy and sell cryptocurrencies in euros or trade EUR spot trading pairs. Moreover, since the beginning of the week, most traders can no longer make euro deposits using Paysafe. However, Binance assures that euro withdrawals to bank accounts will continue to be possible without interruptions.
"Meanwhile, users may continue to withdraw their EUR balances from Binance accounts to their bank accounts," Binance added. The exchange also assures that it is working on integrating new fiat payment channels in Europe to "provide a seamless crypto experience for all users."
Binance Exits Russia, Reopens in Belgium
A lot is happening around Binance lately. Just yesterday, the exchange announced that it is completely exiting Russia and selling its business to the newly established exchange CommEX. Interestingly, the mentioned exchange officially launched its operations a day before releasing this information.
Additionally this week, the exchange announced that it is resuming its operations in Belgium. Although it had to suspend them earlier due to an order from the local regulator, it has decided to move its Belgian clients to Poland. European Union laws allow the exchange to manage clients' accounts and provide services from a registered entity in another country.
Finance Magnates reported that Binance is participating in a project to create Japan's stablecoin and accelerate the adoption of Web3 in that part of the world. According to estimates, the value of the local stablecoin market is expected to reach $34 billion.
This article was written by Damian Chmiel at www.financemagnates.com.
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