The cryptocurrency exchange announced the resumption of transactions in euros and pounds for European users – eight months after the suspension of services under pressure from regulators.
Binance has announced that European customers of the exchange, with the exception of users from Switzerland and the Netherlands, can now deposit and withdraw funds in EUR and British pounds using bank accounts. For this, the European payment system SEPA and the Faster Payments Service (FPS) system will again be involved.
Binance clarified that bank transfers must be at least €3 or £3 to cover transaction fees. However, to “commemorate the return” to SEPA and FPS, until March 31, all verified Binance users will be able to deposit EUR via SEPA and GBP via FPS without fees.
The exchange plans to expand these benefits from individual users to corporate clients. Deposits and withdrawals will be handled in partnership with UK payment company Paysafe.
Recently, the UK Financial Conduct Authority (FCA) raised concerns about Binance’s collaboration with Paysafe, fearing that the exchange would resume transactions in sterling. At the end of June last year, Binance stopped using FPS in the UK due to claims from the FCA, as the agency banned the exchange from operating in regulated industries. And in July, Binance suspended accepting deposits from bank accounts through SEPA.
A few days ago, Binance CEO Changpeng Zhao stated that he would not block the accounts of all Russian users or freeze their assets.
Source: Bits
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