This week, Binance announced that its partner Paysafe for SEPA Euro Transfers would be ending their collaboration. Will this decision have an impact for platform users?
Paysafe will end its collaboration with Binance for SEPA transfers in euros
This week, European Binance customers were informed that Paysafe Payment Solutions Limited was going to suspend its services for SEPA transfers in euros on the platform.
This measure will take effect from September 25but will actually have very little impact on users of the cryptocurrency exchange, as the statement states:
“Please note that the withdrawal services will remain functional, allowing you to withdraw your funds in the same way as EUR deposits. After this date, you will need to use new bank details to make deposits to your Binance account and you may need to agree to new terms and conditions. »
From a withdrawal perspective, this change will therefore be completely transparentand it will be rather for new deposits from this date that it will be a question of entering a new RIB.
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A situation reminiscent of another
Almost 2 years ago to the day, when the company was also facing some regulatory difficulties, Binance suspended SEPA transfers in Europe overnight. This time, however, the situation is different. since users are notified in advanceand that the transition should be smooth.
Earlier this year, it was on the American side, with transfers in dollars, that the platform had to face challenges. Indeed, Binance was collaborating with Signature Bank, whose difficulties forced the exchange to find other solutions. Last week, Binance.US announced that dollar withdrawals were working normally again, although new blockages could be expected.
While the group is at the center of regulatory news, and is undergoing a major restructuring in Europe with the end of services in several countries, the reasons that led to the end of the partnership with Paysafe have not been specified. In addition, the name of a possible new partner has not been communicated.
👉 Related — Binance.US Unblocks Dollar Withdrawals, but Expects Further Issues
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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