Binance’s Euro Transaction Status Now Remains Unrestricted After Confusion

Key Points:

• Paysafe clarifies that euro transactions via SEPA are available for Binance customers until September 25.
• Binance navigates increased scrutiny globally, prompting calls for an investigation into its fiat withdrawal suspension by former SEC officials.
• The exchange faces withdrawals from various European countries, addressing compliance concerns in a changing regulatory landscape.

Paysafe, the European banking partner of Binance, has confirmed that euro withdrawals and deposits through the Single Euro Payments Area (SEPA) remain available, contrary to an earlier tweet from Binance that mistakenly announced their temporary suspension.

The misinformation caused concern among users, prompting clarification from both parties.

According to Decrypt, a spokesperson from Paysafe stated that euro transactions using SEPA will continue to be supported for Binance customers until September 25.

This deadline was initially disclosed when Paysafe announced its decision to withdraw support for the exchange following a strategic review back in June. However, new users have been unable to access this service since June 25.

Earlier today, Binance’s customer support account tweeted that its payments provider could no longer facilitate euro withdrawals or deposits via SEPA. The tweet was later deleted, and a subsequent statement from the same account reiterated the September deadline, acknowledging that the earlier message had been sent in error.

These developments coincide with Binance facing increased regulatory scrutiny globally, including from the United States and European Union member states.

Notably, former US SEC enforcement chief John Reed Stark criticized Binance’s handling of fiat withdrawal suspensions for Euro-area customers. Stark called for an immediate investigation by the SEC and FINRA, suggesting a thorough examination of the situation through auditors and inspectors.

The exchange’s struggles with European regulations have prompted withdrawals from various countries, including the Netherlands, Germany, France, and Austria. As the exchange navigates this challenging landscape, accurate communication with users and regulatory compliance become paramount.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.