Crypto exchange Binance has urged users to convert their euros into Tether (USDT) before the end of October after losing the support of its banking partner.
On Sept. 28, Binance urged European Paysafe users to convert their EUR balances in their Binance accounts to USDT before Oct. 31, noting that Paysafe has “unilaterally decided to stop processing EUR deposits for Binance users.”
Binance, however, noted that users may continue to withdraw their EUR balances from Binance accounts to their bank accounts.
“Paysafe users are advised to take appropriate actions in advance.”
The firm said that Paysafe users will no longer be able to trade EUR spot trading pairs starting Sept. 28 at 4:00 am UTC, and open orders will be canceled an hour later. Binance Convert, which operates like a token swap, will also be restricted for EUR transactions.
Paysafe suspended euro deposits on Sept. 25. The firm had previously facilitated fiat deposits and withdrawals for Binance users in Europe, including via bank transfer in the European Union’s Single Euro Payments Area (SEPA).
“We are working to integrate new fiat channels onto Binance soon,” the bulletin read.
On Sept. 27, Cointelegraph reported that Binance France suggested its customers immediately convert all their fiat holdings into crypto.
Related: Binance limits withdrawals in Europe, cites payment processor issues
The move is the latest to add to Binance’s regulatory and debanking woes in the West.
Paysafe also pulled support for transactions in British pounds in May following concerns raised by United Kingdom financial regulators over the partnership.
In June, Binance announced its departure from the Netherlands, and within a week, officials in Belgium ordered the exchange to halt its services. However, on Sept. 26, it was announced that new registrations from Belgian residents had reopened.
Magazine: Binance.US scores against SEC, Mt. Gox delay repayments, and other news: Hodler’s Digest, Sept. 17–23
Source: Read Full Article
-
“We Will Keep The Hope Alive,” DOGE Holders Show Enthusiasm After Elon Musk’s Twitter Coin Revelation
-
$ETH: Coinbase on Why It Is Excited About the Surge and Why It Supports EIP-4844
-
Bitcoin Cash Analysis: Bulls Aim Upside Break Above $110
-
Ethereum ETF Race Gets Hotter As SEC Receives 11 Filings In One Week
-
Yuga Labs Founders Pledge $1 Million to Support Higher Education in their Hometown Miami