Binance Diversifies Euro Services in Cryptocurrency Exchange
Binance, the cryptocurrency exchange, has informed its users about the inclusion of new fiat service providers to facilitate euro (EUR) transactions, deposits, and withdrawals.
In a recent blog post, Binance revealed partnerships with “a number of new regulated and authorised fiat partners” to provide EUR-related services to its European user base. These services include EUR deposits and withdrawals through the Single Euro Payments Area (SEPA) payment network, EUR spot trading pairs, and the purchase and sale of digital assets using SEPA, bank cards, or fiat balances.
This move comes as a response to regulatory challenges and banking service difficulties in the European Union. After losing support from PaySafe in September, the company had to seek new banking partners.
More EUR fiat channels have arrived on #Binance
We’re proud to announce that we’ve entered into agreements with multiple new EUR partners to provide deposit, withdrawal, and payment services, making your experience even more seamless.
Find out more 👇https://t.co/jKh2QxH3sN
— Binance (@binance) October 19, 2023
On October 16, Binance halted access to its exchange for new UK-based users due to the discontinuation of a partnership with a third-party entity responsible for overseeing communications on its platform, as mandated by the UK’s regulatory authority, the Financial Conduct Authority (FCA).
As of now, Binance has not established fiat partnerships for its UK-based exchange, preventing British users from making GBP deposits.
Binance, the world’s leading cryptocurrency exchange in terms of trading volume, has been facing regulatory scrutiny and legal actions in different regions, with several executives departing from the company and its associated entities throughout the year.
This move aims to restore confidence amidst regulatory challenges.
Conclusion:
Binance’s strategic move to diversify its euro services through new partnerships with regulated and authorized fiat providers is a significant step towards strengthening its position in the European market. This initiative aims to provide seamless EUR transactions, deposits, and withdrawals, enhancing the overall user experience amidst regulatory challenges.
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