Binance, the world’s largest cryptocurrency exchange by trading volume, has successfully reinstated euro (EUR) transactions after securing new fiat partners. The restoration of these services comes after a temporary halt due to regulatory challenges.
Earlier this year, Binance’s former payments partner, PaySafe, ended their partnership due to regulatory concerns. This led to an interruption in the exchange’s spot trading and auto-invest services. At the time, Binance customers were asked to convert their fiat to stablecoin, such as Tether (USDT).
In line with the recent update, clients are now able to engage in the purchase and sale of digital currencies in euros. This has been made possible through the collaboration with new partners who provide services that facilitate the deposit and withdrawal of Euros via Open Banking and SEPA/SEPA Instant.
This development is anticipated to encourage the onboarding of new participants. The introduction of fiat services allows newcomers to buy or sell digital assets in a user-friendly and recognizable manner, paving the way for the emerging cryptocurrency sector to be embraced by the mainstream.
Binance Secures New Ally Against the SEC
In related news, Binance is also preparing for a win against the U.S. Securities and Exchange Commission (SEC) with the support of the Chamber of Digital Commerce. The Chamber of Digital Commerce has filed an amicus brief in support of Binance, Binance.US, and CEO Changpeng “CZ” Zhao to dismiss the SEC lawsuit.
— Chamber of Digital Commerce (@DigitalChamber) October 19, 2023
The Chamber of Digital Commerce contends that the U.S. SEC is employing a method of regulation through enforcement. This approach classifies digital assets as securities and imposes penalties on cryptocurrency businesses.
The Chamber believes that this method hampers innovation and compels cryptocurrency companies to relocate their operations abroad. The foremost global association for blockchain commerce is striving to halt the SEC’s efforts to oversee the cryptocurrency sector without the requisite authorization from the U.S. Congress.
The restoration of EUR services and the ongoing legal battle with the SEC highlight Binance’s commitment to navigating regulatory challenges while continuing to provide comprehensive services to its global user base.