In a recent development, Binance has unveiled a strategic move that aims to enhance the user experience for those transacting in euros (EUR).
According to its blog post, Binance has taken a notable step by forging agreements with a cadre of new, duly regulated, and authorised fiat service partners.
These partners will play a pivotal role in providing a range of services catering to the EUR requirements of Binance users across Europe.
“We have signed agreements with a number of new regulated and authorised fiat partners to provide a variety of fiat services to our community… Without an easy way to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating.”
These services encompass the facilitation of EUR deposits and withdrawals via the Single Euro Payments Area (SEPA) payment network.
Additionally, Binance users can engage in EUR spot trading, further extending the utility of these developments.
An email from Binance to customers regarding the new EUR fiat service providers
The purchase and sale of digital assets through SEPA, bank cards, or fiat balances are also part of this comprehensive offering.
The acronym “SEPA” designates the Single Euro Payments Area, a consortium spanning 36 nations within the European Union.
The primary objective of these newly established partnerships is to streamline the process for newcomers to the crypto space, ensuring that buying and selling digital assets becomes a less intimidating venture.
Binance underscores the critical importance of creating a seamless pathway from fiat currency to cryptocurrencies and vice versa as a catalyst for advancing the global adoption of digital assets.
This announcement follows the discontinuation of services by Paysafe, Binance’s former euro service provider, back in September.
Notably, this transition had prompted concerns among some Binance users in Europe who found themselves unable to withdraw euros from the exchange prior to Paysafe’s deadline.
As of now, the specific identities of the new service providers involved in this collaboration were not disclosed.