After parting ways with PaySafe, Binance has successfully brought new fiat partners on board to handle euro deposits and withdrawals. According to an official statement, the prominent crypto exchange has entered into agreements with newly regulated and authorized fiat partners, streamlining euro payments, deposits, and withdrawals for its user base. Although the specific names of these partner entities remain undisclosed, users will have the flexibility to engage in a variety of transactions, including the buying and selling of cryptocurrencies via SEPA, bank cards, and their existing fiat balances. Additionally, they can trade EUR spot pairs.
This development occurs in the face of escalating regulatory obstacles, particularly within the European Union, for crypto exchanges. In May, PaySafe’s abrupt decision to cease euro deposits caught Binance off guard, leading to the suspension of EUR payments. PaySafe justified this termination by citing compliance with the Financial Conduct Authority [FCA], the regulatory body in the UK.
Following this, Binance recommended its European users convert their euros into Tether [USDT] by the end of October. Despite this advice, users encountered challenges when attempting to deposit euros, underscoring the hurdles faced by the exchange in stabilizing its European operations.
Binance’s UK Users Still Await Solutions
Moreover, users in the UK expressed apprehensions regarding fiat partners for the British pound. As of the latest update, Binance has yet to establish fiat partnerships for its UK platform, rendering British users unable to deposit GBP into the system. Despite efforts to obtain clarity, Binance has not promptly responded to queries about the specifics of its new fiat partnerships, leaving users anxiously awaiting further information on the situation.
However, concerning euros, Binance diligently worked behind the scenes to secure new alliances, potentially eliminating the need for a conversion similar to the previous recommendation. This suggests a more dependable fiat solution for users. Binance’s proactive measures to stabilize its fiat services amidst regulatory challenges underscore the fluid nature of the cryptocurrency landscape, emphasizing the critical importance of adaptability and compliance for sustained operations.