Binance to Lose Euro Transfers as Paysafe Drops Support – Exchanges Bitcoin News

30 Jun 2023 3:00 AM

Paysafe will discontinue support for bank transfers of euros to and from Binance, the payments provider announced....

  • Paysafe, a payment processor, will discontinue support for bank transfers of euros to and from Binance, the world's largest cryptocurrency exchange.
  • This decision comes amid regulatory pressure and crackdowns on Binance in Europe and other jurisdictions.
  • Paysafe and Binance are working on an orderly process to terminate the service over the next few months.
  • Starting from September 25, Paysafe will no longer support euro transfers via the SEPA network for Binance.
  • Other fiat currencies, as well as buying and selling crypto on, will not be affected.
  • Binance's share of euro-denominated crypto trading has dropped to 13% this year, while its U.S. subsidiary's market share fell to 1.5%.
  • Paysafe had previously stopped supporting withdrawals and deposits for Binance in the UK, resulting in a drop in crypto trading volume denominated in British pounds.

The sentiment of the article is negative, as it highlights the setbacks and challenges faced by Binance, including the discontinuation of euro transfers by Paysafe and regulatory crackdowns.

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You May Ask

Why is Paysafe discontinuing support for euro transfers to and from Binance?When will Paysafe stop supporting bank transfers of euros for Binance?Will Binance be able to find another payment processor for euro deposits and withdrawals before Paysafe halts transfers?How has Binance's market share in euro-denominated crypto trading changed this year?What other regulatory challenges has Binance faced recently?

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