Binance encounters yet another roadblock in Europe.
Binance, the largest cryptocurrency exchange in terms of daily trading volumes, has asked its European users to convert their euro (EUR) holdings to Tether (USDT) following the end of its partnership with payment processor Paysafe.
According to the statement shared on September 28th, Binance's European users should shift their EUR balances to USDT before the deadline of October 31st.
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The announcement came after Paysafe opted to "stop processing EUR deposits for Binance users." Despite the disruption, Binance mentioned that users could transfer their euro balances to their personal bank accounts.
The crypto exchange's official statement urged:
Paysafe users are advised to take appropriate actions in advance.
Starting September 28th at 4:00 AM UTC, Binance ceased supporting EUR spot trading pairs, and any open orders were canceled an hour later. The functionality of Binance Convert will also not accommodate EUR transactions in the future.
Before severing its relationship with Binance on September 25th, Paysafe had been facilitating euro deposits and withdrawals via the European Union's Single Euro Payments Area (SEPA). A recent update by Binance revealed plans to "integrate new fiat channels onto Binance soon."
This development is the latest in a series of regulatory and banking challenges faced by Binance in Western countries. Earlier, Paysafe withdrew its support for transactions in British pounds amidst increasing scrutiny by UK financial watchdogs.
In June, Binance withdrew from the Netherlands, followed by a cease-and-desist order from Belgium. However, as of September 25th, the crypto exchange has reopened new registrations for Belgian residents.
Binance's request for users to convert euros to Tether signifies another roadblock in its turbulent journey through Western regulatory landscapes. While the company promises to introduce new fiat gateways, European users are advised to act swiftly to avoid any potential disruptions in trading.
