Binance France has chosen to temporarily expand its partnership with Paysafe. This decision arises from the necessity to maintain uninterrupted operations. The initial end date for their partnership, set for September 25th, has been prolonged. Binance France is now strongly recommending its customers to convert their fiat balances into cryptocurrency.
Back in June, Binance had announced its collaborative efforts with Paysafe, a globally recognized provider of payment solutions. The goal was to establish a systematic and fair process for discontinuing this service in the coming months.
In the update shared on September 26th, a Binance France spokesperson revealed successful negotiations for more time for their clients. They also mentioned that updates on the new timeline would be provided promptly.
Nevertheless, in light of the partnership’s culmination, Binance may necessitate users to furnish supplementary details as part of the customary compliance verifications.
This announcement materialized slightly over a month after European Binance users reported encountering complications with fiat withdrawals through the Single Euro Payments Area (SEPA).
Binance France SEPA Transfers Amidst Global Regulatory Challenges
SEPA transfers, renowned for their relative cost-effectiveness and expeditiousness, had constituted one of two available techniques for both withdrawals and deposits.
Earlier in the year, Binance had encountered regulatory constraints in Belgium; however, it has subsequently recommenced its operations.
Concurrently, within the United States, Binance faces legal action initiated by the Securities and Exchange Commission (SEC) over purported violations of securities regulations.