Binance Revives EUR Fiat Services with New Partnerships

Binance, a leading cryptocurrency exchange, is reintroducing fiat services in euros (EUR) for its customers.

The exchange has formed partnerships with new fiat service providers authorized and regulated to handle EUR payments, deposits, and withdrawals for traders. Binance is in the process of migrating users to these new platforms, underscoring the importance of accessible fiat channels in promoting global cryptocurrency adoption. The services offered by these partners include EUR deposits and withdrawals through Open Banking and SEPA/SEPA Instant, buying and selling crypto through SEPA/SEPA Instant, bank card transactions, fiat balances, and EUR spot pairs for all users.

This move comes after Binance’s previous euro partner, Paysafe, discontinued support for euro bank transfers amid increased regulatory scrutiny in Europe and other regions. Paysafe suspended its services in September, prompting Binance to advise users to convert EUR balances to the stablecoin tether (USDT) or withdraw them to their bank accounts while integrating new fiat channels. Binance has faced regulatory challenges globally, with lawsuits and investigations in both the U.S. and Europe. Binance US, the company’s American subsidiary, temporarily suspended USD withdrawals, citing concerns from its banking partners.

Clever Robot News Desk 24^th October 2023