Renowned cryptocurrency exchange Binance loses the support of its current euro banking partner, Paysafe Payment Solutions. The payment-focused company is set to discontinue the partnership amid increased regulatory scrutiny on Binance from U.S. and European financial watchdogs.

Emails issued by Binance to its customers reveal that the euro service provided by Paysafe will end after September 25th of 2023, and that the cryptocurrency exchange shall switch to a new service for euro deposits and withdrawals via SEPA bank transfer.

Binance has not provided any further details with regards to the name of the new service provider, nor for the reason of the discontinuation of its partnership with Paysafe. A Binance spokesperson had this to say:

“Users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.” Until then, users will “remain unaffected” with regards to buying and selling cryptocurrencies and current fund deposit and withdrawal methods via other fiat currencies.

Binance, among several other large cryptocurrency exchanges, have been under regulatory watch by the United States Securities and Exchange Commission (SEC), and amid growing legal scrutiny, Binance has also parted ways and/or halted operations within several European markets, including Cyprus, Belgium and Netherlands.

Sources:

https://forkast.news/headlines/binance-change-euro-banking-partner-september/

https://cointelegraph.com/news/binance-loses-support-of-euro-banking-partner

https://decrypt.co/146681/binance-loses-european-banking-partner-paysafe