Binance, a prominent cryptocurrency exchange, has issued a call to action for its European user base, urging them to swiftly convert their euros into Tether (USDT) before the conclusion of October.
This plea comes in response to the loss of support from their banking partner, Paysafe.
On September 28th, Binance issued a notice to European Paysafe users, instructing them to convert their EUR balances within their Binance accounts to USDT by October 31st.
The reason cited was Paysafe’s unilateral decision to cease processing EUR deposits for Binance users.
Despite this setback, Binance clarified that users would still retain the ability to withdraw their EUR balances from their Binance accounts to their bank accounts, providing a semblance of relief to those affected.
The exchange emphasized the importance of Paysafe users taking preemptive measures.
Paysafe’s suspension of euro deposits occurred on September 25th, signaling the abrupt end of their support for fiat deposits and withdrawals for Binance users in Europe.
This included facilitating transactions via bank transfers within the European Union’s Single Euro Payments Area (SEPA).
Binance revealed that as a response to these developments, EUR spot trading pairs would no longer be accessible as of September 28th at 4:00 am UTC, with open orders being canceled an hour later.
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Furthermore, the usage of Binance Convert, which functions like a token swap, would also be limited for EUR transactions.
Concerns regarding these changes prompted questions from users on social media platforms such as Twitter, with some inquiring about the apparent delisting of Euro options on the exchange.
Binance’s recent struggles with regulatory compliance and the loss of banking partners have compounded its challenges in Western markets.
Paysafe had already withdrawn support for transactions in British pounds earlier in the year due to concerns raised by UK financial regulators.
Additionally, Binance announced its departure from the Netherlands in June, and Belgian authorities ordered the cessation of its services within a week.
However, it was reported on September 26th that new registrations from Belgian residents had been reopened, offering a glimmer of hope amidst the tumultuous situation.
In light of these challenges, Binance has committed to working towards integrating new fiat channels onto its platform, signaling its determination to navigate the evolving regulatory landscape in the cryptocurrency industry.
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