Planet

<div class="intro-text">
 Binance has signed agreements with new partners to facilitate euro deposits and withdrawals months after being dropped by their previous provider, PaySafe.
</div>
In an <a style="color: #0000ff;" href="https://www.binance.com/en/blog/fiat/binance-expands-freedom-of-money-for-european-users-with-new-eur-fiat-partnerships-3923321843149867820" rel="noopener noreferrer nofollow">announcement</a> made on October 19, Binance revealed that they were in the process of transitioning users to services provided by multiple new partners who are authorized and regulated to support euro transactions.&nbsp;
However, the company has not disclosed the names of these new partners. In September, Binance <a style="color: #0000ff;" href="https://defi-planet.com/2023/09/binance-asks-users-to-convert-their-eur-balances-to-usdt-after-paysafe-pullout/" rel="noopener noreferrer nofollow">advised</a> its European customers to convert their euro balances to the USDT stablecoin before the end of October due to banking challenges.
These new agreements now restore the ability to deposit and withdraw euros through SEPA transfers, bank cards, and open banking payments, meaning users can again buy cryptocurrencies with euros and trade euro pairs.
<blockquote class="twitter-tweet">
 More EUR fiat channels have arrived on <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a>
 We’re proud to announce that we’ve entered into agreements with multiple new EUR partners to provide deposit, withdrawal, and payment services, making your experience even more seamless.
 Find out more <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/jKh2QxH3sN" rel="noopener noreferrer nofollow">https://t.co/jKh2QxH3sN</a>
 — Binance (@binance) <a href="https://twitter.com/binance/status/1715041951353827722?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 19, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Binance <a style="color: #0000ff;" href="https://twitter.com/BarclaysUKHelp/status/1412047105359757314" rel="noopener noreferrer nofollow">lost</a> the support of PaySafe in September after the payments provider declined to renew its agreement with the exchange. Prior to this, PaySafe had ceased British pound transactions in June, following <a href="https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group" rel="noopener noreferrer nofollow">regulatory pressure</a> from UK authorities.
The loss of banking support prompted Binance to search for alternatives to ensure fiat liquidity options for its European user base. The increased regulatory scrutiny surrounding cryptocurrencies has made payment partners more cautious.
Despite Wednesday’s announcement, some users <a style="color: #0000ff;" href="https://twitter.com/Antiunes/status/1715053890045944078" rel="noopener noreferrer nofollow">reportedly</a> still have issues with euro deposits, indicating that challenges may persist. Also, there is poignant uncertainty about when or if Binance will reinstate British pound <a style="color: #0000ff;" href="https://defi-planet.com/2023/01/from-fiat-to-crypto-and-back-again-understanding-on-ramp-and-off-ramp-options-in-crypto/" rel="noopener noreferrer nofollow">ramps</a>.
It’s worth noting that Binance is still on the Financial Conduct Authority’s (FCA) blacklist in the UK. On October 16, Binance <a style="color: #0000ff;" href="https://www.binance.com/en-GB/blog/all/update-on-binance-for-uk-users-937596818854026589" rel="noopener noreferrer nofollow">suspended</a> registration for new users on its UK exchange after a required third-party communications partnership ended. This action followed the FCA’s directive to remove advertisements in the country earlier in the summer, citing concerns of misleading information for investors.
While Binance has managed to restore some of its euro services, its regulatory challenges in Europe continue to hinder its efforts to offer complete access to fiat currencies.
In a separate development, <a style="color: #0000ff;" href="https://defi-planet.com/2023/09/binance-exits-the-russian-market-returns-to-full-operations-in-belgium/" rel="noopener noreferrer nofollow">Binance exited the Russian market</a> in September due to incompatibility with Binance’s compliance strategy in those regions and has resumed full operations in Belgium after a three-month hiatus.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
&nbsp;
The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/10/binance-onboards-new-fiat-partners-for-euro-transactions-after-losing-paysafe/">Binance Onboards New Fiat Partners for Euro Transactions After Losing PaySafe</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Binance Onboards New Fiat Partners for Euro Transactions After Losing PaySafe

DeFi Planet

Other articles published on Oct 20, 2023

GITEX GLOBAL 2023: Huawei unveils F5G Green Intelligent OptiX Network to accelerate industry inte...

Report: United Kingdom leads Cryptocurrency activity in Central, Northern, and Western Europe

Dogecoin [DOGE] Price Prediction: October End 2023

Tether’s $30 Billion Mystery: FTX Role in USDT Creation Under Scrutiny

Analyst Predicts Possible Cardano (ADA) Dip to $0.2185

Tesla Q3 2023 Report : No Bitcoin Sales Amidst AI Focus

Join our free newsletter for daily crypto updates!