Binance’s European banking partner to withdraw support: CoinDesk

BINANCE’S European banking partner Paysafe Payment Solutions will stop supporting the US cryptocurrency exchange from Sep 25, CoinDesk reported on Wednesday (Jun 28)

The crypto exchange will be changing the provider for euro deposits and withdrawals through the Single Euro Payments Area (Sepa), while the current partner – Paysafe – will no longer be providing these services to Binance users, the report said, citing Binance’s spokesperson.

Binance typically accesses Sepa via payment intermediaries.

Paysafe and Binance did not immediately respond to a Reuters request for comment.

The report comes as Binance faces scrutiny from regulators keen to clamp down on money laundering.

Earlier this month, Binance and its US affiliate had entered an agreement with the Securities and Exchange Commission to ensure US customer assets remain within the country until a sweeping lawsuit filed by the regulatory agency is resolved.

SEE ALSO

Binance.US cuts jobs in anticipation of costly SEC fight

Binance.US, SEC not far apart on deal avoiding full asset freeze

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Binance had tied up with Paysafe last year so that its users could deposit sterling via Faster Payments, a network that oversees payments and bank account transfers in Britain. REUTERS