Crypto exchange Binance has announced that it has signed on with new partners to handle euro deposits and withdrawals, one month after losing its previous fiat partner, PaySafe, in September.
In a statement on October 19, Binance announced that it has signed agreements with new fiat partners for European payments, deposits and withdrawals.
The move follows regulatory and debanking problems in the European Union, where the company was forced to seek new banking partners after losing support from PaySafe in September.
Binance said users have already started migrating to the new services provided by “some new regulated and authorized fiat partners.” However, it did not specify which companies it partnered with.
More EUR fiat channels have arrived #Binance
We are proud to announce that we have entered into agreements with several new EUR partners to provide deposit, withdrawal and payment services, making your experience even more seamless.
Find out more https://t.co/jKh2QxH3sN
– Binance (@binance) October 19, 2023
The announcement noted that fiat services offered by the new partners include euro deposits and withdrawals through Open Banking and SEPA/SEPA Instant.
Users can also buy and sell crypto through the Single Euro Payments Area (SEPA), bank cards and fiat currencies, and trade Europoint pairs.
At the end of September, Binance encouraged European users to convert their euros into Tether (USDT) by the end of October, although the latest announcement might suggest that this is no longer necessary.
Related: Binance limits withdrawals in Europe, cites payment processor issues
However, some users were still reporting issued by depositing euros after the announcement, while others asked on fiat partners for the British pound in the United Kingdom.
Paysafe pulled support for transactions in British pounds in May after concerns were raised by UK financial regulators about the partnership.
On October 16, Binance suspended access to its exchange for new users based in the UK. The move followed the end of a partnership with a third party to approve communications on its platform under new local rules from the country’s watchdog, the Financial Conduct Authority (FCA).
Binance has yet to source fiat partnerships for its UK exchange, with UK users still unable to deposit pounds.
Cointelegraph reached out to Binance for more details but did not receive an immediate response.
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