Crypto exchange Binance has announced the restoration of its euro services after onboarding new partners to handle euro deposits and withdrawals. This comes months after losing its previous fiat partner PaySafe in September.
In an Oct. 19 statement, Binance announced that it had signed agreements with new fiat partners for euro payments, deposits, and withdrawals.
The move follows regulatory and debanking issues in the European Union, which led to the search for new banking partners after losing the support of PaySafe.
Binance stated that users have already started using the new services provided by several new regulated and authorized fiat partners. However, it did not disclose the names of the partnered firms.
More EUR fiat channels have arrived on #Binance
We’re proud to announce that we’ve entered into agreements with multiple new EUR partners to provide deposit, withdrawal, and payment services, making your experience even more seamless.
Find out more https://t.co/jKh2QxH3sN
— Binance (@binance) October 19, 2023
The announcement highlighted that the new partners will offer EUR deposits and withdrawals through Open Banking and SEPA/SEPA Instant.
Users will also be able to buy and sell crypto using SEPA, bank cards, and their fiat balances, as well as trade EUR spot pairs.
Previously, Binance urged its European users to convert their euros into Tether (USDT) before the end of October. However, this new announcement suggests that it may no longer be necessary.
However, some users are still reporting issues with depositing euros even after the announcement, while others are inquiring about fiat partners for the British pound in the UK. Paysafe discontinued support for transactions in British pounds in May.
Binance suspended access to its exchange for new users based in the UK on Oct. 16, following the termination of a partnership with a third party to approve communications on its platform under new local rules by the country’s watchdog, the Financial Conduct Authority (FCA).
Currently, Binance has not yet secured fiat partnerships for its UK exchange, and British users are still unable to deposit GBP.
Coinpostman contacted Binance for more information but did not receive an immediate response.