Binance Urges Users to Convert Their Euro Balances to USDT After Paysafe Ends Partnership

Binance Urges Users to Convert Their Euro Balances to USDT After Paysafe Ends Partnership

Binance’s Request to European Users

Crypto exchange Binance has asked European users using Paysafe to convert their Euro holdings to USDT before the end of next month. The decision comes after the trading platform’s banking partner stopped processing Euro transactions for Binance customers.

Earlier this week, Paysafe announced it had suspended Euro deposits. Before the announcement, the bank had been processing fiat withdrawals and deposits for Binance clients in Europe.

Meanwhile, Binance says it is already looking for a new banking partner to facilitate Euro transactions. However, the exchange admits that the processing of onboarding a new partner may take a few weeks to complete. For now, European users cannot make bank transfers on Binance through the SEPA system.

Binance Restricts European Users From Trading Euro Pairs

Moreover, Paysafe customers are unable to trade Euro trading pairs in the spot market. It is worth mentioning that open orders were canceled earlier today. Binance has also put limitations on Euro transactions in its “Convert” feature. Nonetheless, users holding this fiat currency can still withdraw their balances to bank accounts.

Try GPT Definity AI today, the #1 crypto trading robot! Click here to learn more. Artificial intelligence trading robots are taking over the trading eco-system, you can join this revolution and profit from daily revenues! Get ahead of the trading game with Artificial Intelligence crypto trading software today!

This is not the first time Paysafe has withdrawn support for fiat transactions for Binance customers. In May of this year, the bank quit processing British Pound deposits and withdrawals following concerns raised by United Kindom’s financial regulators.

Binance Woes in 2023

The world’s largest crypto exchange, Binance, has had a rough year. Just months ago, it was forced to exit from the Netherlands market after the country’s financial watchdog rejected the exchange’s Virtual Asset Service Provider license application.

In late July, Belgian officials ordered Binance to halt its operations in the country on the grounds that the exchange had failed to comply with the stipulated regulations.

Yesterday, Binance exited the Russian market after selling the exchange to CommEX. The trading platform made that decision in the wake of accusations that it was not adhering to certain financial rules.

In the United States, the Securities and Exchange Commission recently brought charges against Binance, accusing the exchange of selling unregistered securities. The Commodity Futures Trading Commission has also accused Binance of operating without applying for a license with the agency,

Disclaimer: Mining Plus Crypto specializes in amplifying content for dozens of cryptocurrency and blockchain firms, and your company could be next on the list! For inquiries, please reach out to us through or Telegram Chat. Given the unpredictable nature of cryptocurrencies, we advise you to thoroughly research before investing. A portion of the content available on our website, including broker reviews, is paid content or content contributed by guest writers and does not necessarily represent the opinions of Mining Plus Crypto. We claim no liability for the accuracy, quality, and content of advertisements, products, or any other materials, including ad spaces displayed on our site. For a comprehensive understanding, please review our full terms and conditions, and disclaimer.

Michael Varney
About Author

Michael Varney

Michael Varney, a distinguished name in crypto journalism, offers deep insights into the world of blockchain. Merging meticulous research with eloquent prose, Michael's articles decode the complexities of digital currencies, establishing him as an indispensable source for those keen on understanding the evolving crypto landscape.

Leave a Reply

Your email address will not be published. Required fields are marked *

Skip to content