Binance advised Paysafe users to convert EUR balances to USDT by Oct. 31 after the banking partner pulled its services from the exchange.
Binance advised Paysafe users to convert their EUR balances into USDT by Oct. 31, ending buying, selling and trading support for the currency after the banking partner pulled its services from the crypto exchange.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
Support for buying, selling, trading and investing in crypto via EUR ended on Binance today after Paysafe stopped processing EUR deposits on Monday, according to anBinance described Paysafe’s decision as “sudden and inexplicable.” However, it had previously notified users in June that"Binance will be changing the provider for EUR deposits and withdrawals via Bank Transfer . Our current partner, Paysafe, will no longer be providing these services to Binance users from Sept.
"Binance is changing its fiat partner for EUR services,” a Binance spokesperson told The Block via email today. “We are temporarily halting EUR spot trading for users who have previously signed up for fiat services with our former partner, Paysafe. Selling crypto to EUR will be also temporarily disabled. Most other Binance services, including withdrawing fiat to users’ bank accounts, remain unimpacted.
However, Binance is yet to secure a replacement for Paysafe, noting in today’s announcement that it was working to integrate new fiat channels onto Binance soon. “This process will take several days to complete and we will provide regular updates to affected users to let them know when full functionality can be restored. We look forward to having our new fiat partner up and running as soon as possible.” the Binance spokesperson added.
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