Binance European Partner Paysafe Said To Stop Services Before September 25

Key Points:

• Binance’s European payment partner, Paysafe, is discontinuing support for users on September 25, with some customers already facing bans before the deadline.
• Approximately 0.085% of Binance’s European users with Paysafe accounts are affected by an “earlier closure review.”
• Binance is actively searching for a new European banking partner while grappling with legal challenges.

Paysafe, the European payment partner of Binance, is set to cease its support for the exchange’s customers on September 25. However, ahead of this deadline, some users in the region have reported being banned from accessing the service, according to a CoinDesk report.

One frustrated customer shared their experience, revealing that they had deposited ETH into their account on September 12 and converted it to euros. However, they were met with a surprising twist as they attempted to withdraw their funds; a pop-up message informed them that their account had been abruptly closed without prior notice.

According to a Binance spokesperson, Paysafe conducted an “earlier closure review” affecting a “very small portion” of users, approximately 0.085% of Binance’s Paysafe-account-holding customer base in Europe.

Back in June, Binance confirmed the impending change, announcing that Paysafe would no longer support EUR deposits and withdrawals through Bank Transfer starting September 25, 2023. SEPA, or Single Euro Payments Area, is a network designed to facilitate seamless euro transactions across European Union countries.

In light of Paysafe’s decision to withdraw support, Binance is actively seeking a new European banking partner.

Meanwhile, the exchange is also embroiled in legal challenges, including a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) alleging violations of U.S. securities laws. Additionally, European authorities are conducting investigations into various issues, including potential money laundering, related to the cryptocurrency exchange.

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