Binance, the world’s leading cryptocurrency exchange is moving closer to completely cutting ties with its European payment partner Paysafe. Currently, a small portion of Binance users in the European Union (EU) have been blocked from fiat withdrawals and are unable to withdraw Euros from the platform. 

Binance EU Users Denied Withdrawal Access Beforehand

Despite Paysafe’s support services being set to end on September 25, 2023, the payment giant has denied some Binance users access to their funds ahead of the deadline.

The payment giant has denied withdrawal access for certain users until their accounts are properly reviewed. Presently, about 0.085% of Binance EU users have been blocked from withdrawing their Euros.

According to a Binance user Ervin Ursic Kovac who spoke to CoinDesk, he had sent some ETH to his account on September 12, 2023, and sold it for Euros. However, he could not withdraw the currency as he was notified with a pop-up message from Paysafe that his account had been closed early with no prior warning. 

The Binance user was surprised as he had been able to withdraw Euro easily the previous day. 

Pop-up preventing EU user from withdrawing | Source: CoinDesk

The pop-up message read:

As a high-frequency Paysafe service user, Paysafe closed your account early to speed up this process. Any remaining EUR/GBP in your account can be withdrawn once the review is completed.

Binance was displeased with Paysafe’s move to momentarily block certain users from accessing their funds on such short notice. Subsequently, the exchange urged its users to be patient as they are actively working to speed up the returns of funds from Paysafe to all affected users, and will notify its users on the the exchange’s app once they confirm review completion from Paysafe.

BNB price sitting at $215 | Source: BNBUSDT on Tradingview.com

European Payment Giant Paysafe To End Support In Less Than A Week

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Author: Scott Matherson

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