On June 28th, Binance announced unexpectedly to its users that the exchange will be changing its provider for EUR deposits and withdrawals. This decision was made because Binance’s current EUR banking partner, Paysafe Payment Solutions Limited, will cease support for the exchange starting from September 25th, 2023.
At the time when Paysafe Payment Solutions Limited ceases support, users will be required to update their designated bank for depositing funds into their Binance accounts. Additionally, they may need to accept new terms and conditions to continue using the Bank Transfer (SEPA) service after that time.
SEPA, short for Single Euro Payments Area, is the integrated cross-border payment network of the European Union for transactions in Euro currency.
The announcement of Paysafe Payment Solutions Limited discontinuing support for Binance is not surprising, given the intense regulatory scrutiny faced by Binance from financial authorities in Europe and the United States. In addition, the exchange has had to scale back its operations in various regions around the world, including the United Kingdom, the Netherlands, and Cyprus.