Binance suspends euro bank transfers amid hot regulation

Legal restrictions Binance faces have forced the popular cryptocurrency exchange to stop bank transfers in euros, according to an email sent to its customers on Tuesday.

In particular, euro deposits via the Single European Payments Area (SEPA) have been held indefinitely due to circumstances beyond the control of the exchange, Binance said in an email:

“Due to events beyond our control, we will suspend payments in EUR via SEPA bank transfer on July 7, 2021 from 8 a.m. UTC.”

The email came a day after UK financial giant Barclays announced that it would no longer support customers paying for Binance after financial regulators warned customers that the exchange would operate in the UK without a license. In a follow-up with Cointelegraph, a Binance spokesman said the exchange was disappointed with Barclays’ “unilateral measures” to block customer payments.

Amid heightened regulatory scrutiny in the UK, Binance said last month that users could no longer use the popular Faster Payments method to withdraw pounds from the exchange.

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This story is still in development.