Some Binance EU Users Find Fiat Withdrawals Cut Off Even Before Paysafe Ends Service


19 Sep 2023 3:20 PM

Binance says Paysafe gave it short notice that a “very small portion” of European users will be subject to an earlier closure before the payments provider officially pulls support for the exchange on Sept. 25....

  • Some Binance customers in the EU are unable to withdraw euros from the platform due to a change in the crypto exchange's regional payments provider, Paysafe.
  • Paysafe is set to end support for Binance's customers on September 25, but some users have already been blocked from accessing the service.
  • One user reported that his account was closed early without warning after attempting to withdraw euros.
  • Binance claims that Paysafe put a small portion of users through an earlier closure review.
  • Paysafe stated that it cannot speculate on why certain accounts were targeted for early closure and that its services for Binance customers are fully operational.
  • Paysafe facilitated fiat deposits and withdrawals for Binance users in Europe, including via bank transfer in the EU's Single Euro Payments Area (SEPA).
  • The move by Paysafe follows a strategic review of its partnership with Binance and the withdrawal of support for the British pound for new Binance users.
  • Binance has been facing increased regulatory scrutiny globally and is retreating from several European countries over regulatory issues.
  • Paysafe will delay withdrawals for targeted users until their accounts are reviewed, affecting around 0.085% of Binance users with Paysafe accounts in Europe.
  • Binance expressed disappointment with Paysafe's short notice and is working to speed up the return of funds to affected users, offering VIP upgrade vouchers.

The article highlights the frustration and inconvenience faced by Binance customers in the EU who are unable to withdraw euros due to the change in the regional payments provider. Binance expresses disappointment with Paysafe's handling of the situation, while Paysafe maintains that its services are fully operational.

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You May Ask

Why are some Binance customers in the EU unable to withdraw euros?What is the role of Paysafe in facilitating fiat deposits and withdrawals for Binance users in Europe?How many Binance users in Europe are affected by the withdrawal delay?What steps is Binance taking to resolve the issue and assist affected users?Why is Binance facing increased regulatory scrutiny and retreating from certain European countries?

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