Binance Euro payments fully restored after PaySafe issue

Crypto giant Binance has expanded its European services, announcing on Thursday that it has partnered with several new “regulated and authorized fiat partners” for handling euro (EUR) transactions.

This move comes just a month after the exchange parted ways with its previous partner, PaySafe. However, the company has yet to disclose the names of its new collaborators.

According to Binance’s official statement, these new alliances will facilitate EUR deposits and withdrawals, primarily through the Single Euro Payments Area (SEPA) network. The services will encompass EUR spot trading pairs and the option to purchase and sell digital currencies via SEPA, bank cards, or fiat balances.

The latest partnerships strengthen Binance’s foothold in Europe, especially in the wake of recent regulatory challenges and debanking issues after the loss of support from PaySafe.

Earlier in September, Binance urged its customers to convert their fiat currency holdings on the platform into cryptocurrencies. At the time, users reported that a pop-up window suggesting the conversion of fiat balances into crypto appears automatically when they open the mobile application.

The partnership with Paysafe, which provided infrastructure for euro deposits and withdrawals via SEPA bank transfers, ended on September 25. Although the partnership’s conclusion was announced in late June, Binance failed to secure a new partner for these services.

Binance’s European operations have been in trouble since its banking partner decided to withdraw its support for global exchange. NYSE-listed Paysafe, a retail payment processor, announced that it will no longer facilitate euro-denominated transfers to and from Binance.

The decision by the London-based payments firm came amidst increased regulatory scrutiny on Binance, with a focus on combating money laundering activities.

Paysafe had been also Binance’s banking partner in the UK, facilitating transactions through the Faster Payments network. The UK Financial Conduct Authority (FCA) raised concerns over Binance’s partnership with Paysafe as it gives the exchange access to the extensive retail payments network. At the time, banks such as Barclays had withdrawn their support to the exchange, resulting in the suspension of banking services.