Binance, the prominent cryptocurrency exchange, has recently revealed its new partners to facilitate euro-related transactions, marking a significant development in the aftermath of losing its previous fiat collaborator, PaySafe, in September.
In an announcement on October 19th, Binance disclosed that it had inked agreements with fresh fiat partners to manage euro-based payments, deposits, and withdrawals.
This strategic maneuver comes in the wake of challenging regulatory and financial hurdles within the European Union, prompting Binance to seek alternative banking partnerships after parting ways with PaySafe the previous month.
While the exchange did not divulge the identities of these new partners, it indicated that users have already started transitioning to the services offered by these regulated and authorized fiat collaborators.
These newly secured fiat partners will offer an array of services, including euro deposits and withdrawals facilitated through Open Banking and SEPA/SEPA Instant.
Additionally, users will have the ability to purchase and trade cryptocurrencies through the Single Euro Payments Area (SEPA), bank cards, and fiat balances, as well as engage in trading euro spot pairs.
In late September, Binance had urged its European user base to convert their euros into Tether (USDT) by the end of October.
However, this recent announcement may signal a shift in this strategy.
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Despite the positive news, some users continue to experience difficulties depositing euros, while inquiries about fiat partners for the British pound in the United Kingdom persist.
It should be noted that PaySafe had ceased support for transactions involving British pounds in May due to concerns raised by U.K. financial regulators.
Furthermore, on October 16th, Binance took the decision to suspend access to its exchange for new users residing in the United Kingdom.
This move followed the termination of a third-party partnership responsible for authorizing communications on the platform, a response to new local regulations imposed by the Financial Conduct Authority (FCA).
As of now, Binance has not yet established fiat partnerships for its U.K. exchange, leaving British users unable to deposit pounds.
In an attempt to gather more information, Cointelegraph reached out to Binance, but a detailed response was not immediately forthcoming.
These recent developments underscore the cryptocurrency industry’s ongoing challenges in navigating regulatory landscapes and establishing secure financial partnerships.
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