Binance Suspends Euro Bank Transfers Amid Regulatory Tensions

The regulatory pushback that Binance is facing has forced the exchange to suspend bank transfers in euros, according to an email sent to customers on Tuesday.

In particular, euro deposits via the Single European Payments Area (SEPA) have been suspended for an indefinite period due to circumstances beyond the control of the stock exchange. Binance said in the email:

“Due to events beyond our control, we will suspend payments in EUR via SEPA bank transfer on 07/07/2021 from 8:00 am UTC (ie 3:00 pm on the same day). Hourly Synthetic Team). “

Although Binance has not given the reason for suspending SEPA transfers, the decision could be due to the onslaught of legal action against the company.

The latest decision came a day after financial giant Barclays announced it would no longer support customers who pay for Binance after financial regulators warned the exchange would operate in the UK without a license. A Binance spokesman said the exchange was disappointed with Barclays’ “unilateral action” to block customer payments.

Given the increasing regulatory scrutiny in the UK, Binance said last month that customers will no longer be able to use the popular Faster Payments on the ramp to withdraw pounds from the exchange.

Despite the backlash from the UK, Japan, Canada and even the US, Binance is by far the largest cryptocurrency exchange in the world. On Tuesday, the exchange processed more than $ 15.8 billion in trades, while the second largest exchange, Coinbase, had just $ 2.2 billion in trades.

Annie

According to Cointelegraph

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