Binance Re-establishes Euro Services Through Fresh Fiat Partnerships

Cryptocurrency exchange Binance has disclosed its engagement with fresh fiat partners for euro deposits and withdrawals.

This move comes approximately a month after the exchange severed ties with its former fiat partner, PaySafe, in September.

In its statement, Binance confirmed that it had entered into agreements with new fiat partners, enabling users to access euro-based payment services, as well as facilitating deposits and withdrawals.

The decision to forge these new partnerships stemmed from a series of regulatory challenges and difficulties related to banking in the European Union. The loss of PaySafe's support compelled Binance to seek alternative banking partners.

While Binance didn't specify the identities of these new partners, it did emphasize the range of fiat services they would offer. These services encompass euro deposits and withdrawals through Open Banking and SEPA/SEPA Instant.

Furthermore, users will have the capability to buy and sell cryptocurrencies using the Single Euro Payments Area (SEPA), bank cards, fiat balances, and trade euro spot pairs.

Previously, Binance had advised European users to convert their euros into Tether (USDT) before the end of October. However, the recent announcement might imply a change in this approach, although some users still reported difficulties in depositing euros post-announcement.

Additionally, questions were raised about the availability of fiat partners for the British pound in the United Kingdom, a service previously interrupted after concerns expressed by U.K. financial regulators led to PaySafe withdrawing support for transactions in British pounds.

Notably, on October 16, Binance suspended access to its exchange for new users located in the United Kingdom. This action followed the discontinuation of a third-party partnership responsible for authorizing communications on the platform, a response to new local regulations imposed by the country's regulatory authority, the Financial Conduct Authority (FCA).

As of now, Binance has yet to secure fiat partnerships for its U.K. exchange, resulting in British users still being unable to deposit pounds.