Binance's European Banking Partner, Paysafe, To Withdraw Support On September 25 | Bitcoinist.com

Bitcoinist
Bitcoinist

29 Jun 2023 3:50 PM

In a notable development that underscores the mounting regulatory pressures faced by cryptocurrency exchange Binance, Paysafe Payment Solutions, its European...

  • Paysafe Payment Solutions, Binance's European banking partner, has decided to end its support and discontinue its embedded wallet solution across the European Economic Area (EEA).
  • This move adds to the growing list of banking partners distancing themselves from Binance due to increasing regulatory pressures.
  • Binance now needs to find an alternative provider for euro deposits and withdrawals as it faces regulatory challenges.
  • Paysafe and Binance are working on implementing a fair and orderly process to terminate their partnership over the next few months.
  • Binance must identify a new provider for euro deposits and withdrawals through the Single Euro Payments Area (SEPA) after parting ways with Paysafe.
  • Binance's market share has declined following regulatory actions, and the exchange has faced setbacks in various countries, leading to its withdrawal from some jurisdictions.
  • Binance's native BNB token has been affected by the exchange's regulatory troubles, with its price currently at $235.

The article highlights the challenges faced by Binance as its banking partner, Paysafe Payment Solutions, withdraws its support. The regulatory pressures and setbacks have impacted Binance's market share and its native BNB token. Overall, the sentiment is negative.

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You May Ask

Why did Paysafe Payment Solutions decide to sever ties with Binance?What does Binance need to do after losing its European banking partner?How has Binance's market share been affected by regulatory actions?What challenges has Binance faced in various countries, leading to its withdrawal from some jurisdictions?How has the price of Binance's native BNB token been impacted by regulatory troubles?

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