Binance loses Euro payment partner; denied licensing in Germany

CryptoSlate
CryptoSlate

29 Jun 2023 1:15 PM

Crypto exchange Binance has lost its Euro banking partner, Paysafe, amid the issues it is facing within the region....

  • Binance's European business faces setbacks as its Euro payment partner, Paysafe, will stop bank transfer services from September 25.
  • Paysafe is withdrawing its embedded wallet solution for Binance across the European Economic Area (EEA) region and in the UK.
  • Binance users in the EEA region can still deposit and withdraw other supported fiat currencies.
  • Binance has been denied a crypto custody license by Germany's financial regulator BaFin.
  • Binance has exited several European markets and is focusing on compliance with forthcoming regulations.
  • Binance has struggled to find new banking partners globally as regulators tighten their grip.
  • The exchange temporarily suspended USD fiat transfers and British Pound deposits and withdrawals due to issues with banking partners.
  • Binance US transitioned to a crypto-only exchange after banking partners halted their services.

The article highlights various challenges and setbacks faced by Binance in its European operations, including the termination of services by Paysafe, regulatory issues, and struggles with banking partners. The sentiment is negative as these developments pose obstacles to Binance's operations.

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You May Ask

Why is Paysafe stopping its bank transfer services for Binance in Europe?Which European markets has Binance exited recently?Why did Binance temporarily suspend USD fiat transfers and British Pound deposits and withdrawals?What is the reason behind Binance US transitioning to a crypto-only exchange?How has Binance responded to the denial of a crypto custody license by Germany's BaFin?

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