Binance, the industry’s biggest cryptocurrency exchange, is set to lose the support of its current euro banking partner, Paysafe Payment Solutions. The exchange has notified its users via email that Paysafe’s euro support will terminate after September 25, 2023.

The exchange is planning to transition to a new service provider for euro transactions via SEPA bank transfers. However, the identity of the new provider remains undisclosed. Binance has advised its users to update their banking details and accept new terms and conditions to continue using SEPA services beyond September 25.

Binance has confirmed that the existing methods for transacting in other fiat currencies and cryptocurrencies on its platform will remain unaffected.

Despite all this, a Binance spokesperson told Cointelegraph that this move “is ‘not related’ to the exchange’s recent departure from multiple countries within the European Union.”

Facing Regulatory Headwinds

This announcement comes at a time when Binance is facing increasing regulatory scrutiny worldwide, resulting in the suspension of its operations in several countries.

In Australia, the local Binance branch was abruptly disconnected from the coun

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Author: Emily Tonelli

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