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Binance Stikes New Fiat Partnership to Restore Euro Support

The crypto exchange signed agreements with a number of new regulated and authorized fiat partners after losing its previous partner PaySafe in September.

Binance Stikes New Fiat Partnership to Restore Euro Support

On Oct. 19 Binance introduced its new European partnerships that provide fiat support for euro deposits and withdrawals on the exchange.

Last month, the firm lost its partnership with online payments company Paysafe due to regulatory issues in the EU. Binance urged its European users to convert their euro balances into Tether. Forced to look for a new collaboration, Binance signed agreements with a few unnamed industry players.

According to the exchange, users have already started migrating to the new services. The firm has restored support for EUR deposit and withdrawal via Open Banking and SEPA/SEPA Instant, SEPA-enabled crypto trading, buying and selling crypto with EUR-nominated bank cards, crypto transactions with fiat balances, and EUR spot pairs.

With a high probability, the migration to euro-backed services supported by new partnerships is happening gradually, since some users are still reporting issues when trying to deposit euros.

Besides, Binance has not yet achieved new fiat partnerships for its UK exchange. Its British users are still unable to deposit GBP after Paysafe pulled support for transactions in British pounds this May.

In June, Binance cancelled its registration in the UK amid regulatory checks. It also suspended U.S. dollar deposits after the United States securities regulator sought to expedite the process of freezing the platform’s assets.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.