Binance customers in Europe face difficulties with fiat withdrawals due to SEPA issues

by Aug 23, 2023CryptoNews0 comments

Some Binance users in Europe are reportedly unable to withdraw or deposit euros via the Single Euro Payments Area (SEPA) network. According to a customer service message that was later deleted, Binance said that its payment provider “can no longer support these transactions” and that it was working to resolve the problem as soon as possible.

The message was posted on X (formerly Twitter) on Aug. 20, in response to a user who claimed to have bought a large amount of euros on Binance and was unable to access them. The user said that their Paysafe account was closed and that Binance had no alternative payment option. The user accused Binance of acting like a “scam exchange”.

The news comes after Binance announced in July that its current euro banking partner, Paysafe Payment Solutions, would stop supporting the crypto exchange. Binance said that users would need to update their banking details and accept new terms and conditions to continue using SEPA services.

Binance has been facing regulatory scrutiny and pressure from various jurisdictions around the world, including the United Kingdom, Japan, Malaysia, Singapore, and the United States. The exchange has been trying to comply with local laws and regulations by hiring former regulators, applying for licenses, and limiting some of its services.

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