Cryptocurrency exchange Binance recently integrated additional fiat service providers for Euro (EUR) transactions, highlighting its commitment to improving European user experiences.
According to a Binance blog post, the exchange has partnered with multiple regulated and authorised entities to facilitate seamless EUR deposits, withdrawals, and payments via the Single Euro Payments Area (SEPA) network.
SEPA serves as a regulatory effort aimed at streamlining cross-border cashless transactions within euro-using nations.
It achieves this by standardising payment processing across these countries, ensuring a harmonised and efficient financial ecosystem for all parties involved.
The new provisions also encompass EUR spot trading pairs and diversified options for digital asset transactions using SEPA, bank cards, or fiat balances.
Essence of the Partnership
Having a straightforward method for converting fiat to crypto and vice versa is pivotal for driving the widespread adoption of digital assets worldwide.
Simplifying the process of purchasing or selling crypto is particularly vital for newcomers, as navigating these transactions can initially seem intricate and daunting.
By providing fiat services, the crypto ecosystem ensures essential user-friendly accessibility for all participants.
Paysafe Withdrawal from Binance
Paysafe, Binance’s European payments partner, was scheduled to terminate support for the exchange’s customers on 25 September.
However, several users in the region have been unable to access the service well before the set deadline.
Binance expressed that it was “very disappointed” with Paysafe’s sudden decision to temporarily block certain users.
Binance’s spokesperson said:
“We’re actively working to speed up the return of funds from Paysafe to all affected users. We will notify users immediately through the Binance app, along with a follow up email, once Paysafe informs us that reviews are complete,”
Following the discontinuation of euro services by Paysafe, Binance users in Europe prompted the need for enhanced fiat service solutions.
At present, Binance has not disclosed its new service providers.