Binance can now operate in Europe
The cryptocurrency exchange added new partners in charge of managing operations with euros
In a strategic turn, the Binance cryptocurrency exchange announced the incorporation of new partners in charge of managing deposit and withdrawal transactions in euros. This decision comes months after the dissolution of its former fiat partner, PaySafe, in September.
On October 19, Binance issued a statement revealing agreements with novel fiat partners to facilitate payments and transactions in euros. The move responds to regulatory tensions and account cancellations in the European Union, which forced the company to look for new banking partners after the departure of PaySafe in September.
Binance reported that users have already begun migrating to new services provided by “multiple regulated and licensed fiat partners.” However, they did not detail the names of the companies with which they partnered.
The announcement highlighted that the fiat services provided by the new partners include the ability to make deposits and withdrawals in euros through Open Banking and SEPA/SEPA Instant. Additionally, users have the option to buy and sell cryptocurrencies using SEPA (Single Euro Payments Area), bank cards and their balances in fiat, as well as trade with spot pairs in euros.
At the end of September, Binance recommended its European users convert their euros to Tether (USDT) before the end of October. However, this latest announcement suggests that it is no longer necessary to follow this recommendation.
However, some users are still reporting difficulties depositing euros even after the announcement, while others question the availability of fiat partners for sterling in the UK.
Paysafe withdrew its support for sterling transactions in May due to concerns raised by UK financial regulators.
On October 16, Binance suspended access to its platform for new UK-based users. This action was in response to the termination of a partnership with a third party to approve communications on its platform, in compliance with the country’s new local Financial Conduct Authority (FCA) regulations.
To date, Binance has yet to secure fiat partners for its platform in the United Kingdom, where British users cannot yet deposit GBP.
K. Tovar
Source: Cointelegraph
(Referential image source: Kanchanara, Unsplash)
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