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Binance Loses European Banking Partner Paysafe

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Binance is actively seeking a new banking partner in Europe following the announcement that Paysafe Payment Solutions, a global payment service provider, will be discontinuing support for the cryptocurrency exchange. Paysafe stated that after a strategic review, they have decided to cease offering their embedded wallet solution to Binance across the EEA region. The two companies are now working on implementing a fair and orderly process to terminate the service over the coming months.

Binance confirmed the decision and informed users that Paysafe will no longer facilitate EUR deposits and withdrawals via Bank Transfer (SEPA) starting from September 25, 2023. Binance spokesperson stated that users will need to update their banking details for depositing into their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services.

Binance assured users that other methods of depositing and withdrawing fiat currencies, as well as buying and selling cryptocurrencies, remain unaffected on Binance.com. These methods include bank transfers using other supported fiat currencies and direct credit or debit card transactions.

SEPA, or Single Euro Payments Area, is a payment network established within the European Union for seamless and efficient euro transactions across borders. It was designed to facilitate smooth payment transfers between European countries.

Paysafe, listed on the NYSE as PSFE, has also been Binance’s banking partner in the UK through the Faster Payments network. However, Paysafe has stated that it is already in the process of withdrawing this service in Britain as well.

In recent weeks, Binance has faced increased scrutiny as it announced its withdrawal from Cyprus and terminated its operations in the Netherlands due to the inability to obtain a virtual asset service provider license. Additionally, Binance Markets Limited, the UK subsidiary, has canceled unused permissions it held with the Financial Conduct Authority (FCA), rendering it unable to provide regulated activities and products.

Furthermore, Binance is facing a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), alleging violations of U.S. securities laws. In France, authorities are also investigating Binance for multiple offenses, including aggravated money laundering.

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