Binance continues to have trouble with European debanking, thus it is recommending that Paysafe customers exchange their Euros for dollars.
After losing the backing of its banking partner, crypto exchange Binance has asked customers to transfer their euros into Tether by the end of October.
Due to Paysafe’s “unilateral decision to stop processing EUR deposits for Binance users,” Binance requested on September 28 that European Paysafe users exchange their EUR holdings for USDT by October 31.
Users may still withdraw EUR from their Binance accounts to their bank accounts, the exchange added. Starting September 28 at 4:00 am UTC, the company said that Paysafe customers would no longer be allowed to trade EUR spot trading pairs, and any open orders would be canceled by 5:00 am UTC.
Paysafe stopped accepting deposits in euros on September 25. Prior to this change, the company allowed Binance European customers to deposit and receive fiat currency using bank transfers inside the EU’s Single Euro Payments Area (SEPA).
Binance France reportedly recommended to its clients on September 27 that they quickly transfer all their cash assets into cryptocurrency.
This is the latest in a string of regulatory and debunking issues plaguing Binance in the West. Concerns expressed by UK financial authorities concerning the agreement led to Paysafe withdrawing support for transactions in British pounds in May.
A week after Binance said it was leaving the Netherlands in June, authorities there demanded it cease operations. New registrations from Belgian citizens were revealed on September 26.
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