|

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

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.