On December 15, Binance issued an important notice about upcoming changes to selected payment methods and services effective December 29. Users who previously signed up with Bifinity UAB will be affected by these changes, as the exchange revealed new fiat service providers for its EEA and global users.
Bifinity UAB is a complete e-Banking system that provides services globally, and it also provides certain services on Binance.
Details About Upcoming Changes to Binance’s Payment Methods and Services
In an official note to users, the crypto exchange revealed that the following payment methods are still available:
- Bank Transfer (SEPA Instant) for Deposit/Withdraw/Buy and Sell
- Card (VISA/MasterCard) for Buy and Sell Crypto
- Apple Pay and Google Pay for Buy and Sell Crypto
However, starting on December 29, the following payment methods will be temporarily suspended until further notice:
- Card (VISA/MasterCard) for Deposit and Withdraw
- Apple Pay and Google Pay for Deposit and Withdraw
- Zen.com for Deposit and Withdraw
- Pay by Bank App/Instant Bank Payment for Deposit and Withdraw
- PayPal and Revolut Pay for Buy or Sell Crypto
- Recurring Buy and Limit Buy
All these changes will affect users who have previously signed up with Bifinity UAB.
Bifinity UAB Service Termination and Replacement Providers
Bifinity UAB will stop providing services to all Binance users on December 31 due to changes in laws and regulations. The exchange’s key details about the upcoming changes include the following:
- Only certain fiat payment methods supporting EEA fiat currencies, including EUR, DKK, PLN, CZK, RON, HUF, CHF and SEK, are affected.
- Bifinity UAB nominated regulated replacement service providers to hold fiat funds on users’ behalf, depending on location/currency.
- Users’ funds will remain safe and accessible via their Binance account.
Replacement service providers for EEA users are the following:
- Harmoniie SAS (operating under the “Quitrust” brand) which is authorized by ACPR in France, will hold funds in EUR and DKK.
- UAB ZEN.COM, authorized by the Bank of Lithuania, will hold funds in PLN and other supported currencies.
For users outside the EEA, fiat funds will be held by BPay Global B.S.C., licensed by the Central Bank of Bahrain.
The changes come following Binance’s authorization to perform under the Abu Dhabi legal framework.
