fxs_header_sponsor_anchor

Binance asks users to convert EUR to USDT after Paysafe goes AWOL

  • Binance exchange announced early Thursday that Paysafe has stopped processing EUR deposits.
  • The crypto exchange asked its users to convert EUR balances into USDT.
  • This move comes as crypto companies face mounting regulatory pressure from regulators across the world. 

Binance, one of the top crypto exchanges in the world, announced on Thursday that there will be a brief interruption of EUR payments due to Paysafe’s unilateral decision. 

Also read: Binance Coin Price Forecast: BNB needs to retrace before a bullish breakout

Binance halts EUR payments processing 

Binance mentioned that Paysafe, a payments rail in Europe, has unilaterally decided to “stop processing EUR deposits for Binance users.” 

The announcement blog further stated that Paysafe users are advised to take appropriate actions in advance. To alleviate the situation, the exchange suggested that the affected users “may convert EUR balances in their Binance accounts to USDT before 2023-10-31 at 0:00 (UTC). Meanwhile, users may continue to withdraw their EUR balances from Binance accounts to their bank accounts.”

Read more: Binance Coin price crashes by 10% as SEC sues Binance and CEO Changpeng Zhao

Regulatory woes mount for Binance

After the collapse of the US-based exchange FTX, Binance has constantly been under regulatory scrutiny. The US Securities and Exchange Commission (SEC) filed a lawsuit against Binance in June 2023. 

Additionally, Binance recently exited Russia, stating that “operating in Russia is not compatible with Binance’s compliance strategy.” 

Binance Coin price also came under heavy fire during the last few months but BNB held up surprisingly well, considering the barrage of bearish news. Currently, BNB trades at $211.

Read more: Binance Coin price at risk as FUD surrounding a Binance collapse intensifies

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.