Binance, one of the world's largest cryptocurrency exchange by trading volume, is set to change its provider for euro (EUR) deposits and withdrawals.
The move comes as Paysafe Payment Solutions Limited, Binance's current partner for EUR fiat payments, discontinues its SEPA deposit services for Binance users effective from September 25, 20231.
The crypto exchange's large European user base, who will be required to use new banking details for their EUR transactions.
Binance has assured its users that they may need to accept new terms and conditions, but the transition will not impact their accounts or other services on Binance.com. Only the EUR deposit and withdrawal functions provided by Paysafe will be affected by this shift.
The move from Paysafe follows a challenging period for Binance in Europe, with various regulatory concerns emerging in different jurisdictions.
Despite these recent setbacks, the exchange remains committed to maintaining its services and fulfilling its compliance obligations.
"Binance is continually adapting to the fast-paced and complex landscape of cryptocurrency regulations worldwide. While we regret any inconvenience this change may cause, we assure our users that we are committed to providing secure and compliant platforms for them to trade cryptocurrencies," a spokesperson for Binance stated.
The crypto exchange is currently in the process of transitioning from Paysafe to a new provider. Until the transition is complete, Binance users will be able to use the current banking details for EUR deposits and withdrawals.
