Cryptocurrency exchange Binance is restoring fiat services for customers using the common European currency, the euro (EUR). The coin trading giant announced that users are already migrating to the new platforms it partnered with in the wake of losing the services of Paysafe.
Crypto Exchange Binance Offers Users New EUR Options for Deposits and Withdrawals
Binance, the global leader in digital assets exchange, has signed agreements with new fiat partners that will process EUR payments, deposits and withdrawals for traders. These are regulated and authorized providers of fiat services, the crypto company said.
Users have already started being migrated to the new platforms, Binance revealed in a blog post published Thursday, emphasizing the importance of accessible fiat channels for driving cryptocurrency adoption around the world:
Being able to easily convert fiat to crypto, and back to fiat again, is a crucial part of advancing the adoption of digital assets globally … Offering fiat services provides essential ease of use to all participants in the crypto ecosystem.
The fiat services of the new partners include EUR deposits and withdrawals via Open Banking and SEPA/SEPA Instant, buying and selling crypto via SEPA/SEPA Instant, with bank cards and fiat balances as well as EUR spot pairs for all users.
In June, Binance’s former euro partner, Paysafe, announced its intentions to drop support for bank transfers of euros to and from the exchange via the Single Euro Payments Area (SEPA) network. The move came amid heightened regulatory scrutiny on Binance in Europe and elsewhere.
Paysafe suspended its services in late September when advised users of the payment processor to either convert their EUR balances to the stablecoin tether (USDT) or withdraw them to bank accounts while the trading platform was working to integrate new fiat channels.
This year, the world’s largest crypto exchange was targeted by regulators on both sides of the Atlantic with lawsuits and investigations. Binance US, the company’s American subsidiary, suspended U.S. dollar (USD) withdrawals this week after suspending deposits in early June, warning customers its banking partners were preparing to halt USD transfers.
Do you agree with Binance that having reliable fiat on-ramps and off-ramps is key for growing crypto adoption? Tell us in the comments section below.