Binance has officially announced that it would be switching its banking provider for EEA-based euro deposits and withdrawals.
Paysafe said in an email to Reuters that the company is collaborating with Binance on a fair and orderly procedure to end the service.
Binance has verified the story and indicated it will be switching its banking provider for euro deposits and withdrawals via SEPA, however, it has not specified who the new partner would be.
Binance has said that further details would be released at a later date. Binance often gains access to SEPA through third-party payment processors.
A spokeswoman emphasised that throughout this transition, users’ ability to deposit and withdraw other fiat currencies and purchase and sell cryptocurrencies on Binance.com will not be impacted in any way.
Unfortunately for Binance, authorities looking to tighten down on money laundering have coincided with Paysafe’s decision to terminate their wallet option.
To facilitate pound sterling deposits for its customers, Binance worked with Paysafe, the British company in charge of the Faster Payments network, last year.
In conclusion, Paysafe Payment Solutions has decided to cease providing Binance with its integrated wallet solution throughout the European Economic Area. To facilitate SEPA transactions in euros, Binance will look for a new banking partner.
Other deposit and withdrawal methods, as well as cryptocurrency trading on Binance.com, will not be affected by the update.
Binance has just negotiated an agreement with the SEC addressing client assets in the United States, and Paysafe’s decision comes at a time when the exchange is under increasing regulatory scrutiny.
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