binance news


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.

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, a cryptocurrency exchange, for allegedly violating securities laws. This move marks an expansion of the SEC’s oversight to encompass crypto assets valued at over $115 billion.

In the lawsuit, filed on Monday, the SEC identified several tokens that it considers within its regulatory jurisdiction. Trading platforms offering support for these tokens will be required to adhere to stricter protective measures. Consequently, other exchanges may be reluctant to provide support for these digital assets, potentially limiting their tradability on the open market.

The SEC’s filing specifically mentions several top altcoins, including Binance’s BNB, Polygon’s MATIC, Solana’s SOL, Cardano’s ADA, Filecoin’s FIL, and Algorand’s ALGO. In conjunction with other assets like XRP, these tokens bring the total value under the SEC’s purview to $115 billion.

SEC Chair Gary Gensler has previously stated that most tokens are subject to securities laws for the purpose of investor protection. However, this lawsuit marks the first instance of the SEC specifically naming cryptocurrencies, indicating a potentially stricter regulatory approach.


Binance has swiftly responded to the lawsuit, defending itself and claiming that it is an attack on the entire industry. The exchange stated that while it takes the SEC’s allegations seriously, they should not warrant an enforcement action, particularly on an emergency basis. Binance intends to vigorously defend its platform against the lawsuit.

Other industry participants have also voiced support for Binance. Jeff Dorman, Chief Investment Officer at digital-asset specialist Arca, commented that the SEC’s actions may negatively impact U.S.-based exchanges like Coinbase and Kraken, who will have to decide whether to delist tokens deemed as securities. Market makers in the U.S. may also be forced to cease trading certain tokens listed as securities.

Following the announcement of the SEC lawsuit, the entire crypto market experienced a significant downturn. Bitcoin’s price dropped by approximately 4.5%, while other altcoins experienced declines of 6-8%. However, Dorman believes that the lawsuit’s impact on the crypto market will be short-lived, as most cryptocurrencies are traded on offshore exchanges.

Coinbase and Kraken, both facing their own legal battles with the SEC, have not yet commented on the lawsuit against Binance. Coinbase previously stated that it would not delist tokens deemed as securities by the SEC until a final court decision is reached.

The prevailing question within the crypto industry is whether the SEC is planning further aggressive actions and lawsuits akin to its approach to XRP.