Binance will end its service will end its partnership with Euro banking partner Paysafe n September 25.The development comes as the world's largest crypto exchange by trading volume, faces pushback from European and US financial regulators.
Paysafe also added that it was working with Binance on an orderly and fair way to terminate the service. Currently, Binance is being sued by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
“We are writing to inform you that we are changing our provider for deposits and withdrawals in euros. Our current Euro fiat payment partner, Paysafe Payment Solutions Limited (Paysafe), will cease providing deposit services to Binance users in the [Single Euro Payment Area] from September 25, 2023. ,” Binance said in a statement on Wednesday.
After this date, users will have to update bank account details used to fund their Binance account. Additionally, to continue using SEPA, the European Union's cashless euro payments network, you may have to agree to new terms and conditions, the release said.
Financial institution Finance Forward reported Thursday that Binance has been denied a custody account license by German financial regulators, further exacerbating the exchange's regulatory woes in the European Union.
The development comes two weeks after reports surfaced that Binance France was under investigation for money laundering and the illegal provision of digital asset services. The same week, Binance announced that it would be exiting the Dutch market because it could not register as a cryptocurrency provider with Dutch regulators.
Binance.US was sued by the Securities and Exchange Commission (SEC) in early June over allegations related to securities.
