New Partners Step In
In a bid to regain footing in the European market, Binance has onboarded a collection of new partners dedicated to handling euro deposits and withdrawals. This strategic move comes hot on the heels of losing its prior fiat partner, PaySafe, just one month ago.
The Need for Change
With recent regulatory and banking challenges plaguing their operations in the EU, Binance faced a pressing need to find substitutes for their banking partnerships. Following the unexpected departure of PaySafe, the crypto giant scrambled to maintain its service level to users across Europe.
What’s New for Users?
According to an announcement made by Binance on October 19, users can look forward to enhanced euro services facilitated by multiple new regulated and authorized fiat partners. While the exact names of these new partners remain under wraps, the firm assures its users they are set to enjoy a more streamlined experience.
Exciting Features Ahead
- Seamless euro deposits and withdrawals via Open Banking
- Access to SEPA/SEPA Instant payments
- The ability to buy and sell cryptocurrencies using various methods including bank cards
- Trading euro spot pairs
Mixed Reactions from Users
Despite the optimistic announcement, not all feedback has been glowing. Some users are still facing hiccups when depositing euros, leading to a chorus of questions about British pound support, especially since PaySafe had also suspended pound transactions earlier this year due to regulatory concerns.
The U.K. Scenario
Things are looking less rosy for Binance in the U.K. Following a suspension of new user registrations on October 16, British users find themselves in a familiar bind—unable to deposit pounds. This disruption follows Binance’s difficulties in meeting the requirements set forth by the Financial Conduct Authority (FCA), leaving many wondering what the exchange’s next steps will be.
As Binance continues to navigate these turbulent waters, users remain in limbo, though the crypto platform is hopeful that these new partnerships will bolster their services across the European landscape in the coming days.
