Binance Again Supports Euro Transactions After Overcoming Regulatory Problems

Binance crypto exchange. (Photo; Doc. CryptoCoinSpy)

JAKARTA - Binance, the world's leading cryptocurrency exchange, has announced that it is again providing transaction services in euros after successfully overcoming regulatory constraints. This happened after their collaboration with payment partners earlier, PaySafe, stalled earlier this year due to regulatory issues.

In an official announcement released on October 19, it was stated that Binance had managed to find a new fiat partner who would manage payments, deposits and withdrawals in euros.

Termination of cooperation with PaySafe has previously caused disruption to Binance's spot trading and automated investment services. Customers at that time were required to convert their fiat currency to stablecoins such as Tether (USDT).

However, Binance has finalized an agreement with new payment partners that allows customers to buy and sell cryptocurrencies in euros. The service facilitates the deposit and withdrawal of euros through Open Banking and SEPA/SEPA Instant.

Binance did not disclose the identity of the new payment partner, but they confirmed that the partner was a fully regulated entity authorized to handle transactions in euros. Users have started switching to services provided by these new fiat partners.

However, some users reported that they were still having trouble trying to deposit the euro into the Binance platform, even after this announcement. Several other users are also wondering which payment partners will handle British poundsterling transactions in Binance.

For additional information, PaySafe stopped supporting British pounderling transactions in May due to concerns raised by UK financial regulators.

The Binance company also discontinued acceptance of new users from the UK earlier this week after ending a partnership with third-party responsible for communications approval on the platform in accordance with the new regulations imposed by Britain's financial regulatory authority, the Financial Conduct Authority (FCA).

Currently, Binance is looking for a partner who will manage fiat transactions in the UK, as users there are still unable to deposit English pounds on their exchange.