2023-09-28 23:41:22
© Reuters. Binance recommends users to convert their euros into USDT
Blockmarket – Binance has issued an important recommendation to its European users. The platform advises converting balances in Euro (EUR) to stablecoin (USDT) until the end of October.
The reason for the urgent notice
The measure proved necessary after an abrupt interruption of the partnership with the financial services provider Paysafe, which facilitated fiat deposits and withdrawals for European Binance users. The fintech’s decision to stop processing withdrawals and deposits in euros for Binance users was announced today (28), with direct consequences for the exchange’s operations in Europe.
Binance, however, assures that this situation will be temporary. “We are working to integrate new fiat channels on Binance soon,” the exchange said in an official announcement. Meanwhile, users can still withdraw their euro balances to their bank accounts, but euro spot market transactions and the Binance Convert to euro service have been restricted.
Paysafe had previously suspended the exchange’s support for GBP transactions in May due to regulatory concerns in the UK. Additionally, Binance announced its exit from the Netherlands in June and faced orders from local authorities to suspend its services, although it has resumed new registrations from Belgian residents.
Binance has been making strategic moves, selling its business in Russia to the newly created CommEX and transferring Belgian clients to Poland, taking advantage of European Union laws. The latest news reflects an increasingly strict regulatory environment for cryptoassets in Europe and the United States.
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