Key Takeaways
- Binance has formed new banking partnerships to restore its euro deposit and withdrawal services.
- The new financial partners are regulated and offer services through Open Banking and SEPA/SEPA Instant.
- While the situation with euros seems to stabilize, Binance still faces challenges related to British pound transactions in the UK.
A month after losing its previous fiat service provider, cryptocurrency exchange Binance has successfully restored its euro deposit and withdrawal services.
Binance made an official announcement on October 19th, revealing that it had established new partnerships to facilitate euro transactions, including deposits and withdrawals.
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This follows a period of regulatory difficulties in the European Union, which prompted the search for new banking allies after PaySafe severed its relationship with the crypto exchange in September.
Although Binance didn't disclose the names of the new partners, it stated that they are "regulated and authorized" entities.
According to Binance, these partners offer a range of services, including euro deposits and withdrawals through Open Banking and SEPA/SEPA Instant payment systems. In addition to that, users can now utilize the Single Euro Payments Area (SEPA) for buying and selling cryptocurrencies.
However, not all users have transitioned smoothly to the new services. Reports have emerged of some users facing difficulties in depositing euros. At the same time, questions are being raised about when Binance will secure fiat partnerships for British pound transactions in the United Kingdom.
It's worth mentioning that PaySafe had previously withdrawn support for British pound transactions in May due to concerns from UK financial regulators. Furthermore, Binance suspended new user registrations in the UK on October 16th, following a terminated partnership that involved compliance with local communication rules set by the Financial Conduct Authority (FCA).
Binance's ability to quickly secure new banking partnerships for euro transactions signifies its agility in navigating regulatory landscapes. However, with British users still unable to deposit pounds, the exchange has more work ahead to fully restore its services in the European region.
