2023-09-30 02:00:00
Following the loss of its European banking partner Paysafe, Binance is temporarily suspending certain services, including cryptocurrency trading and euro deposits. This choice is due to Paysafe’s sudden refusal to continue processing euro deposits for Binance users, a decision which appears to have been taken unilaterally.
The alternatives offered by Binance
This situation particularly impacts the Binance France users, who find themselves unable to make transfers in euros. If you want to delve deeper into the subject, we wrote an article on the possible end of Binance in Europe. However, Binance presents this suspension as temporary, while actively seeking a new banking partner.
In order to overcome this problem, Binance encourages its European customers to take appropriate measures before the situation is regularized:
Convert EUR balances in their Binance accounts to USDT before 10/31/2023 at 12:00 a.m.;
Withdraw their EUR balances to their bank accounts. During this time, users can continue to make withdrawals of their EUR balances from their Binance accounts.
#BINANCE SUSPENDS EURO DEPOSITS.
From 09/28/23, BINANCE users will no longer be able to purchase #crypto with balances in €, nor sell crypto for balances in #EUR.
They will still be able to buy cryptos in EUR with their credit/debit cards. pic.twitter.com/aQNFZlJiFp
— TRADERS (@TRADERS237) September 28, 2023
Binance’s long-term strategy
Binance presents these alternatives as temporary solutions, hoping to quickly regularize the situation and once again allow transactions in euros for its European users. The platform is currently looking for a new banking partner to take over.
A look back at the meteoric rise of Binance
Founded in July 2017 by Changpeng Zhao, Binance quickly established itself as one of the largest cryptocurrency buying, selling and trading platforms in the world. The exchange is consistently among the leaders in terms of traded volumes.
Services offered by Binance
The platform offers its users a wide range of services related to blockchain and digital assets:
Cryptocurrency trading : purchase, sale and exchange of different virtual currencies;
Staking : participation in the network of certain cryptocurrencies in order to generate passive income;
Secure wallet : secure storage of digital assets;
Loan Services : possibility of borrowing or lending digital assets with a fixed interest;
Institutional services : solutions adapted for businesses and organizations.
The future of Binance and cryptocurrencies in Europe
Although this episode with Paysafe constitutes a setback for Binance, the platform remains firmly anchored and its influence on the market does not weaken. There are certainly many regulatory challenges for cryptocurrency exchanges, but the rise of digital assets in Europe opens up new opportunities for players in the sector.
Regardless, this upheaval between Binance and Paysafe will serve as an example to other exchanges and will likely highlight the importance of diversifying their banking partnerships in order to continue to offer optimal service to their European users.
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#shouldnt #wait #withdraw #funds #Binance