Binance, a prominent cryptocurrency exchange, is actively searching for a new banking partner in Europe following an announcement by Paysafe Payment Solutions that it will no longer support the crypto exchange.
Paysafe, a global payment service provider offering various payment solutions, revealed that it has made the strategic decision to cease offering its embedded wallet solution to Binance across the European Economic Area (EEA). Both companies are now collaborating to implement a fair and orderly process to terminate this service over the next few months.
Binance confirmed the development, stating that Paysafe will discontinue providing Euro (EUR) deposits and withdrawals via Bank Transfer (SEPA) to Binance users starting from September 25, 2023. Users will be required to update their banking details for deposits and may need to accept new terms and conditions to continue utilizing SEPA services after this date, according to a Binance spokesperson.
The exchange plans to release more information regarding the situation in the near future. In the meantime, Binance assured its users that all other methods of depositing, withdrawing, and trading cryptocurrencies remain unaffected. This includes using bank transfers with other supported fiat currencies, as well as buying and selling crypto directly via credit or debit card.
The search for a new European banking partner is crucial for Binance to ensure continued smooth operations and support for its users in the region.