Binance announced in a statement on October 19th that it has signed agreements with unnamed “new regulated and authorized fiat partners” for euro payments, deposits, and withdrawals.
This change in direction comes as Binance continues to face banking and regulatory challenges throughout the European Union, which compelled the exchange to look for new banking arrangements following Paysafe’s September service closure.
According to Binance, users have already begun transitioning to the new euro services provided by their latest partners. The services include Open Banking and SEPA/SEPA Instant deposits and withdrawals, fiat balances for crypto purchasing and selling, euro spot trading pairs, and more.
Late last month, Binance had advised European users to swap any euro holdings into Tether stablecoins before October ended. But this latest announcement suggests that is no longer necessary.
However, some users reported continuing issues depositing euros after the update, while others inquired about fiat partners for British pound transactions in the UK.
Paysafe halted pound transactions in May due to concerns from UK regulators about the partnership. On October 16th, Binance also suspended exchange access to new UK users following recent actions by the UK’s Financial Conduct Authority (FCA).
Binance’s recently launched UK-based exchange currently does not have any partnerships with traditional fiat institutions that would allow British users to deposit pounds. Since establishing relationships with banks or financial services companies that handle government-issued currencies is still pending, UK users on Binance’s localized platform remain unable to fund their accounts using the British pound. Binance has not offered any additional information regarding if or when it will secure fiat partnerships for its UK exchange.
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