Paysafe Payment Solutions terminates support for the world’s largest crypto exchange, signaling challenges ahead.
Binance, the renowned cryptocurrency exchange, faces a setback as its European banking partner, Paysafe Payment Solutions, announces the termination of its support for the exchange. This development comes after a strategic review conducted by Paysafe, leading to a decision to cease offering its embedded wallet solution to Binance across the EEA region. Paysafe and Binance are now working together to ensure an orderly and fair process for the termination of this service over the next few months.
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Binance users will be affected by the withdrawal of support from Paysafe, as EUR deposits and withdrawals via Bank Transfer (SEPA) will no longer be available after September 25, 2023. To continue using SEPA services, users will need to update their banking details and potentially accept new terms and conditions.
While this development poses a challenge for Binance, the exchange assures users that other fiat deposit and withdrawal methods, as well as buying and selling cryptocurrencies, remain unaffected. These include bank transfers using supported fiat currencies and direct purchases via credit or debit cards.
SEPA, the Single Euro Payments Area, plays a crucial role in facilitating seamless and efficient euro transactions within the European Union. It was designed to streamline cross-border payments and enhance financial integration between European countries.
Paysafe, listed on the NYSE as PSFE, has also been Binance’s banking partner in the UK through the Faster Payments network. However, Paysafe has already begun withdrawing its services in Britain, further complicating Binance’s search for reliable banking partners.
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Binance users and industry observers await further information from the exchange as it navigates these challenges and seeks new banking partnerships. The termination of support from Paysafe underscores the evolving landscape of cryptocurrency regulation and the need for exchanges to secure robust banking relationships.
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Written by Agbo Obinnaya.
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