Binance, one of the world’s largest cryptocurrency exchanges, has embarked on a journey to onboard new fiat partners to support its euro services. This initiative comes in the wake of challenges presented by regulations and debanking issues within the European Union (EU).
After facing the loss of support from its previous fiat partner, PaySafe, in September, Binance quickly sought alternative solutions to ensure a seamless experience for its European users.
Identifying the New Fiat Partners
Binance has successfully signed agreements with new fiat partners to facilitate euro payments, deposits, and withdrawals. While the exchange has not publicly disclosed the names of these partners, it has emphasized their status as “regulated and authorized” entities.
The focus on compliance and adherence to regulations underlines the exchange’s commitment to maintaining a strong presence in the European market.
Enhanced Services for European Users
The partnership with these new fiat providers brings a range of services to European users. These services include the capability to deposit and withdraw euros using Open Banking and SEPA/SEPA Instant.
Users can also engage in cryptocurrency trading, purchase and sell digital assets using the Single Euro Payments Area (SEPA), employ bank cards for transactions, and utilize fiat balances for trading euro spot pairs.
The Transition from PaySafe Support
In late September, Binance had initially encouraged its European user base to convert their euros into Tether (USDT) before the end of October. However, the recent announcement of the new fiat partners suggests that such conversions may no longer be necessary. Users now have a renewed sense of continuity in their access to fiat services on the Binance platform.
Despite the positive developments, some users have reported difficulties with depositing euros after the announcement. Additionally, there has been a notable interest in the availability of fiat partners for British pounds, especially for users in the United Kingdom.
Moreover, PaySafe had withdrawn support for transactions in British pounds back in May due to regulatory concerns raised by U.K. financial authorities.
Binance Commits to Compliance and Market Access
The announcement of Binance’s new fiat partners marks a significant step in the exchange’s ongoing efforts to adapt to evolving regulatory requirements while ensuring uninterrupted access to cryptocurrency and fiat services for its European user base.
Further, with these new partnerships, Binance remains resilient and committed to its mission of making cryptocurrencies accessible to users across the EU and the United Kingdom.