Binance Reinstates Euro Services: New Fiat Partners Restore Functionality

After enduring prolonged disruptions that affected European users, Binance, a prominent cryptocurrency exchange, has triumphantly reinstated its euro services. This turnaround comes on the heels of service termination by PaySafe, which had caused significant inconveniences. Binance has now secured new fiat partners to seamlessly facilitate euro payments, deposits, and withdrawals.

In a statement released on October 19, Binance revealed that it has entered into agreements with these new partners, marking a crucial step in overcoming the regulatory and debanking challenges it faced in the European Union. The loss of PaySafe’s support in September prompted Binance to seek alternative banking partners.

While specific details about the new fiat partners were not disclosed, Binance assured users that the services are provided by “a number of new regulated and authorized fiat partners.” The renewed services encompass a range of offerings, including EUR deposits and withdrawals facilitated through Open Banking and SEPA/SEPA Instant. Users can also engage in crypto transactions, buying and selling through SEPA (Single Euro Payments Area), bank cards, and fiat balances, along with trading EUR spot pairs.

This announcement follows Binance’s proactive approach in late September, where it advised European users to convert their euros into Tether before the end of October. However, the latest update indicates that the urgency for such conversions may no longer be necessary, as the exchange has successfully established new partnerships to restore seamless euro functionality.

The crypto community awaits further details on the identity of Binance’s new fiat partners, as the exchange takes strides to navigate the evolving regulatory landscape and ensure uninterrupted services for its European user base.

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Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

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