Binance is on the lookout for a new European banking partner after Paysafe Payment Solutions, a global payment service provider that offers a range of payment solutions for businesses and consumers, announced that it would withdraw support for the crypto exchange.
“Following a strategic review, we have taken the decision to cease offering our embedded wallet solution to Binance across the EEA region,” Paysafe told Decrypt in an emailed statement. “Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months.”
Binance confirmed the development, saying that Paysafe will no longer be providing EUR deposits and withdrawals via Bank Transfer (SEPA) to Binance users from September 25, 2023.
“At that time, our 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,” a Binance spokesperson told Decrypt.
According to Binance, the exchange will share more information “in due course.”
“In the meantime, all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on Binance.com remain unaffected, including bank transfer using one of the other fiat currencies supported by Binance, and buying and selling crypto directly via credit or debit card,” said Binance.
What is SEPA?
SEPA, which stands for Single Euro Payments Area, is the integrated cross-border payment network for euro transactions within the European Union. It was established to facilitate seamless and efficient payment transfers between European countries.
Paysafe, which trades on the NYSE under the PSFE ticker, has also been Binance’s banking partner in the UK through the Faster Payments network, but said that it is already withdrawing the service in Britain.
Over the past few weeks, Binance has been increasingly in the spotlight as the world’s largest crypto exchange announced plans to pull out of Cyprus, followed by the termination of its operations in the Netherlands after failing to obtain a virtual asset service provider (VASP) license.
Binance Markets Limited, the UK subsidiary of the exchange, has also canceled unused permissions it held with the Financial Conduct Authority (FCA), meaning it “can no longer provide regulated activities and products.”
In a separate development, Binance faces a lawsuit filed against the exchange by the U.S. Securities and Exchange Commission (SEC) alleging that it had violated U.S. securities laws, while French authorities are investigating Binance for a number of offenses including “aggravated money laundering.”