Binance's Paysafe Partnership Ends, Users Advised To Convert EUR Balances To USDT

Zinger Key Points
  • Paysafe discontinued its EUR services from the Binance platform.
  • Binance is now looking to find a replacement for its EUR service provider which is likely to take some time.

Binance BUSD/USD is looking to replace Paysafe PSFE as its banking partner.

What Happened: The crypto exchange has notified all Paysafe users to convert their EUR balances into Tether USDT/USD by Oct. 31.

The news comes after the global payment solutions company cut the thread from the crypto exchange. It no longer has buying, selling, and trading support on Binance.

Find out more about fintech companies. Meet and engage with transformative Fintech business leaders and investors at Benzinga's exclusive event  Fintech Deal Day. Tickets are going fast  get yours!

Why It Matters: Binance users will not be able to be involved in EUR Spot trading and any open pending orders will remain cancelled by the exchange.

It has also discontinued Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs. Binance Convert having similar operations to token swap will also be restricted for EUR transactions.

Read Also: Binance.US Nukes Several Trading Pairs Amid SEC Lawsuit: What Crypto Investors Need To Know

However, the withdrawal of EUR balances from their bank accounts will continue. Also, users can purchase crypto using EUR through their credit/debit cards.

Binance publicly disclosed in June that Paysafe, its banking partner for euro deposits and withdrawals, will end its support in September 2023. In May, Paysafe ended GBP support for the exchange.

Other Developments: Among the other challenges that Binance is facing, it also announced an exit from the Netherlands in June. Binance France had advised users to immediately convert all their fiat holdings into crypto.

Binance's Belgium services were also halted, but this week saw the opening of new registrations for the country's consumers.

Read Now: SEC Accuses Binance, Changpeng Zhao Of Deceptive Tactics, Conflicts Of Interest And Evasion Of Law

Look what the crypto exchanges are up to! Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event  Future of Digital Assets. Tickets are flying  get yours!

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyFintechNewsSmall CapTop StoriesMarketsbanking
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!