Binance has recently urged its users to immediately convert their Euros into USDT before the end of October this year. As per the official announcement, the crypto exchange has lost the support of its banking partner, Paysafe. The partner decided to halt the processing of EUR deposits for Binance users. However, Binance clarified that it would still be possible for users to withdraw their EUR balance from their exchange accounts to their bank accounts.
The firm stated that Paysafe users would not be able to trade EUR spot trading pairs from September 28 around 4:00 pm UTC. Furthermore, all open orders would be canceled an hour after that. At the same time, Binance Auto Convert, which basically operates just like a token swap, would also be restricted for all types of EUR transactions. Following the recent development, many in the wider crypto market jumped to the conclusion that the move would set the stage for a brief interruption in most of the crypto exchange’s services.
Binance’s Hiccups in the West
Paysafe made the decision to pull the plug on Euro deposits on September 25 this year. The firm was previously heavily involved in facilitating fiat deposits and withdrawals for all Binance users situated in Europe. One of the most recognized facilitation services offered by the firm includes bank transfers in the European Union’s Single Euro Payments Area. However, the crypto exchange reassured its users that they are working on integrating new fiat channels for the convenience of the masses.
It is fairly easy to assume that the recent development is the most recent addition to the cryptocurrency exchange’s regulatory and debanking woes in the Western world. Apart from pulling the plug on Euros, Paysafe also pulled support for transactions in the British Pound following increased concerns by the UK’s financial regulators.
Similarly, in June this year, Binance made the decision to depart from the Netherlands. Within the following week of making this announcement, the authorities in Belgium ordered the exchange to immediately halt all of its services, which were restored after a few days. Thus, these recent events show that the renowned exchange is having a hard time to settle in Europen countries.