Binance Restores Euro Services with New Partners After Paysafe Exit

• Binance restores Euro payments, deposits, and withdrawals to its EU users.
• New services include EUR transactions through Open Banking, SEPA, SEPA instant, and trading crypto via bank cards and fiat balances.
• Users no longer need to convert euros into Tether for trading on Binance.

In a move to regain the trust of its European customer base, Binance has restored Euro payments, deposits, and withdrawals. It was also revealed that the transition to these new services is already in motion.

This development comes after the exchange faced a setback when its previous fiat partner, PaySafe, ceased processing EUR deposits in September following regulatory concerns in the European Union. Binance’s strategic response to this challenge was to establish partnerships with regulated and authorized fiat service providers.

These freshly established partnerships promise to introduce a wide range of fiat services. These include Euro transactions facilitated through Open Banking, SEPA (Single Euro Payments Area), SEPA instant, and the ability to trade cryptocurrencies via bank cards and fiat balances.

According to Binance, it has started migrating its users to the improved platform. Binance users will no longer need to convert euros into Tether, simplifying the trading process and reducing conversion costs.
However, specific details of the new service providers have not been disclosed in the official announcement.

Binance, as the world’s largest crypto exchange by trading volume, has been navigating regulatory pressures and legal challenges in various jurisdictions. Additionally, there have been several executive departures from the company and its affiliates throughout the year.