“Binance will change the service provider for depositing and withdrawing funds in euros through bank transfer (SEPA). Our current partner, Paysafe, will no longer be providing these services to Binance users as of September 25, 2023,” a spokesperson for the exchange said.
SEPA – Single Euro Payments Area – is the European Union’s integrated cross-border payment network for euro transactions.
“Our users will also need to update the bank details used to deposit funds into their Binance accounts. They may need to accept the new terms in order to continue using SEPA services after this date,” the company explained.
The situation with the change of provider comes against the backdrop of Binance’s problems in the European market – the company has faced a negative reaction from financial regulators in Europe and the United States.
“After a strategic review, we have made the decision to cease offering our services to Binance,” Paysafe said in a statement.
Earlier this month, the US Securities and Exchange Commission (SEC) sued Binance, Binance.US, and CEO Changpeng Zhao for violating several federal securities laws.
The exchange has since announced a pullout from the UK, the Netherlands and Cyprus, and has been ordered by the Belgian regulator to stop offering crypto services in the country. In addition, Binance recently withdrew its application for a license from the Austrian financial regulator.
Source: Bits
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