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The popular cryptocurrency platform, Binance, recently received a setback as Paysafe, its key banking partner in Europe, chose to end its association. Consequently, Binance has recommended that its European users possessing euros (EUR) make a switch to the Tether (USDT) cryptocurrency by October 31.
Earlier, on September 28, Binance had pointed out to its European clientele using Paysafe that there's a need to shift their EUR reserves in Binance to USDT. The call to action was necessitated due to Paysafe’s unexpected decision to terminate the processing of EUR deposits for those using Binance.
While this change will affect the ability to deposit euros, Binance has emphasized that extracting EUR into personal banking accounts will remain unaffected. The halt on trading involving EUR spot trading pairs began on September 28. Consequently, any orders in the queue would have been terminated just 60 minutes later. Furthermore, the Binance Convert feature, designed for token exchanges, will also see a limitation on EUR-related trades. Prior to this announcement, Paysafe had already paused its euro deposits on September 25. Historically, Paysafe was instrumental in facilitating deposits and withdrawals in fiat currency for European Binance users. This included the notable provision of bank transfers through the European Union’s Single Euro Payments Area (SEPA).
Paysafe’s sudden decision is not its first change concerning Binance. Earlier, in May, Paysafe withdrew support for transactions involving British pounds, post reservations by financial regulators in the United Kingdom regarding their collaboration.
Binance's journey in Europe has seen its share of bumps. The exchange decided to wrap up its operations in the Netherlands in June. Shortly after, Belgian authorities demanded the exchange to cease its offerings. Yet, on a positive note for Binance, registrations for residents of Belgium restarted on September 26.
