Binance EUR Banking Partner to Halt Support of the Crypto Exchange in September

Binance’s current EUR banking partner, Paysafe Payment Solutions Limited, will stop supporting the crypto exchange after September 25.

“Binance will be changing the provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner, Paysafe, will no longer be providing these services to Binance users from 25th September 2023,” a spokesperson for the exchange told CoinDesk in an email.

“At that time, our users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.”

SEPA, the short form of Single Euro Payments Area, is the European Union’s integrated, cross-border payment network for euro transactions.

The development comes as Binance, the world’s largest crypto exchange by trading volume, has faced backlash from financial regulators in Europe and the U.S.

Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued Binance, Binance.US and CEO Changpeng “CZ” Zhao for violating multiple federal securities laws, including allegations of offering unregistered securities and commingling customer funds.

Since then, the exchange has announced a retreat from the United Kingdom, the Netherlands, Cyprus, while Belgium’s market watchdog ordered Binance to halt offering crypto services in the country.

In February 2022, U.K’s financial regulator expressed concern over Binance gaining access to the country’s primary payments network after the exchange secured a deal with Paysafe, the Financial Times reported.