- Paysafe has abruptly stopped processing EUR deposits for Binance users, prompting Binance to advise its users to convert EUR balances to USDT before October 31, 2023.
- The decision affects multiple Binance services, including spot trading in EUR pairs, Spot Trading Bots services, and Auto-Invest EUR plans for Paysafe users.
- Despite these challenges, Binance assures that all funds are secure and is working on integrating new fiat channels to provide a seamless experience for its users.
Paysafe Payment Solutions Limited has ceased processing EUR deposits for Binance users. The decision, effective since September 25, 2023, has led Binance to advise its users to convert their EUR balances to USDT before October 31, 2023. Additionally, Binance users can still withdraw their EUR balances to their bank accounts. The abrupt action by Paysafe has led to a temporary disruption in several services offered by Binance, which has apologized for any inconvenience caused to its users.
Starting from September 28, 2023, at 04:00 (UTC), Binance users will no longer be able to buy or sell crypto with EUR balances. However, users can continue to make crypto purchases using EUR through their credit or debit cards. Moreover, all Paysafe users will be unable to trade EUR spot trading pairs. Open orders on these pairs will be canceled from September 28, 2023, at 05:00 (UTC). Binance has strongly advised Paysafe users to cancel any open orders on EUR spot trading pairs before the specified time.
Additional services impacted by Paysafe’s decision
Besides spot trading, Binance will also terminate Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs for Paysafe users. Users are urged to update or cancel their Spot Trading Bots to avoid potential losses. Binance Convert, a feature that operates like a token swap, will be set to “EUR reduce only” mode. This mode allows users to convert EUR to other cryptocurrencies but restricts conversions in the opposite direction. All open limit orders in Convert EUR will be closed automatically from September 28, 2023, at 05:00 (UTC).
Furthermore, Auto-Invest EUR plans for Paysafe users will be paused from September 28, 2023, at 04:00 (UTC). These users will not be able to subscribe to Auto-Invest plans with EUR thereafter. Binance has assured its users that all funds are secure and that other crypto-related services remain unaffected by this change.
Binance’s ongoing efforts to integrate new fiat channels
In light of Paysafe’s decision, Binance has reiterated its commitment to integrating new fiat channels soon. The crypto exchange aims to provide a seamless experience for all its users, aligning with its principle of putting users first. This move comes as the latest in a series of regulatory and debanking challenges that Binance has faced in the West. Paysafe had previously pulled support for transactions in British pounds in May, following concerns raised by UK financial regulators. Binance also faced regulatory scrutiny in the Netherlands and Belgium but has since reopened new registrations for Belgian residents.
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