Customers using Binance, a prominent cryptocurrency exchange, are reportedly encountering problems with fiat withdrawals in Europe due to complications related to Single Euro Payments Area (SEPA) transfers.
As of August 20, Binance’s customer support revealed in a now-deleted post on X (formerly Twitter) that the exchange had temporarily suspended euro withdrawals and deposits through SEPA.
Binance cited the discontinuation of support from its payment provider as the reason behind this suspension.
Binance acknowledged the inconvenience caused by this situation and assured users that efforts were underway to resolve the issue promptly.
The incident arose when a Binance user in Europe reported being unable to withdraw a substantial amount of Euros they had purchased on the platform.
The user’s complaint included frustration over not being able to access their funds due to the closure of their Paysafe account.
The user remarked that such actions were more characteristic of untrustworthy exchanges rather than Binance.
This occurrence follows Binance’s earlier announcement to its users that its current euro banking partner, Paysafe Payment Solutions, would no longer support the exchange.
READ MORE: Binance Contemplates Legal Action Against Former Payment Provider
Binance had informed users that they needed to update their banking details and potentially agree to new terms to continue using SEPA services.
However, Binance clarified that the recent customer support message on X had been sent erroneously. The SEPA deposit and withdrawal service would continue until September 25, as initially communicated.
Approaching the September 25 deadline, Binance mentioned that some users might be subject to additional information requests due to routine compliance checks, possibly leading to early account closures.
The exchange assured users that alternative solutions would be in place before the SEPA service’s termination.
This is not the first instance of withdrawal-related difficulties for Binance in Europe. In a similar incident in May, Binance halted Bitcoin withdrawals due to a backlog of pending transactions.
This pause came after the exchange faced its inaugural withdrawal outage during a congested Bitcoin mempool period, which led to numerous transactions being stuck on the blockchain.
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