Binance Responds to Paysafe’s EUR Transaction Halt with Recommendations
Binance, the world’s largest cryptocurrency exchange, has issued guidance to its customers using Paysafe for euro (EUR) transactions.
As Paysafe suspended deposits and withdrawals in EUR, Binance advises its users to either convert their EUR balances to tether (USDT) or withdraw them to their bank accounts. Paysafe had previously announced the discontinuation of its embedded wallet solution for Binance in Europe, including the termination of support for bank transfers in euros via the Single Euro Payments Area (SEPA) by late September. Binance recommends users convert their EUR balances to USDT before October 31, 2023, and in the interim, they can continue withdrawing their euro funds to their bank accounts.
Binance also outlines the impact of Paysafe’s decision on various services and assures customers that their funds are secure, while stating plans to integrate new fiat channels in the future to enhance the crypto experience for users. This development comes amid increased regulatory pressures and challenges faced by Binance in recent months, necessitating shifts in its operational strategy.
Clever Robot News Desk 1st October 2023
