Reports have emerged regarding an abrupt suspension of Single Euro Payments Area (SEPA) transfers for EUR payments by Binance users. This suspension occurred approximately one month earlier than the initially communicated deadline. According to Binance‘s customer support on X, SEPA transfers for EUR payments are currently on hold. Nevertheless, the support team reassured users that this service would remain available until September 25, 2023.
We regret to inform you that we have temporarily suspended EUR withdrawals and deposits via SEPA. Unfortunately, our provider can no longer support these transactions. We understand the inconvenience this has caused, and we’re actively working to resolve this as soon as possible. However, at the moment, we don’t have a specific time frame for the restoration of SEPA transfers,” explained Binance.
Binance statement
Binance‘s operations in Europe have encountered challenges due to its banking partner, Paysafe Payment Solutions, deciding to withdraw its support for the global exchange within about three months. Paysafe, a payment processor listed on the NYSE, announced that starting from September 25, 2023, it would cease facilitating euro-denominated transfers to and from Binance.
As a result, Binance will lose the ability to utilize Paysafe‘s integrated wallet solution within the European Economic Area (EEA). This decision from the London-based payments company comes amidst heightened regulatory scrutiny on Binance, particularly concerning efforts to combat money laundering activities. A spokesperson from Binance stated, “Binance will be changing the provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner, Paysafe, will no longer be providing these services to Binance users from 25th September 2023. At that time, our users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.“
Binance clarified that while they are working to find an alternative provider, all other means of depositing and withdrawing fiat currencies, as well as engaging in cryptocurrency trading on Binance.com, will remain unaffected. Paysafe, in an official statement, confirmed the upcoming change: “Following an extensive strategic review, we have concluded that we will cease offering our embedded wallet solution to Binance across the region. The withdrawal process for this service in the U.K. is already underway.“
Paysafe had been Binance‘s banking partner in the UK, enabling transactions through the Faster Payments network. However, the company announced in March its intention to discontinue services for UK-based Binance customers, citing a complex and challenging regulatory environment.The UK Financial Conduct Authority (FCA) expressed concerns about Binance‘s collaboration with Paysafe, as it granted the exchange access to the extensive retail payments network. In response, banks like Barclays withdrew their support for the exchange, leading to the suspension of banking services at that time.
