- Paysafe users cannot spot trade EUR trading pairs, Binance Convert is closed too
- Binance France also urged customers to convert all their fiat holdings into crypto
Crypto exchange Binance’s operational problems in Europe continue after it lost the support of its banking partner Paysafe. The exchange urged Paysafe users to convert their euros to Tether (USDT) before the end of October.
Binance announced that Paysafe “unilaterally decided to stop processing EUR deposits for Binance users.” However, they pointed out that customers could still withdraw EUR balances from their Binance accounts to their bank accounts.
The exchange advised Paysafe users to “take appropriate actions in advance.”
Spot trading and Convert closed
According to the announcement, Paysafe users cannot spot trade EUR trading pairs effective today, Sept. 28. Open orders have been canceled as well. The platform also closed Binance Convert, which operated like a token swap, for EUR transactions. Open limit orders were closed automatically.
Paysafe ended support for EUR deposits on Sept. 25. Previously, Paysafe enabled fiat deposits and withdrawals for Binance users in Europe, including via SEPA bank transfer.
The exchange assured it was working to integrate new fiat channels.
Binance Auto-Invest paused
Paysafe users’ Auto-Invest EUR plans are paused. Customers cannot subscribe to Auto-Invest plans with EUR any more. Binance points out that Auto-Invest EUR services remain usual for other users.
Binance’s European woes
The leading exchange has been hit hard by regulators across the globe. In May this year, Paysafe ended support for transactions in British pounds after United Kingdom financial regulators pounded the alarm over its partnership with Binance.
On Sept. 27, Binance’s French branch urged customers to convert all their fiat holdings into crypto at once, adding to the debanking issues.
In June, Binance announced it was ending operations in the Netherlands and Cyprus. Belgian officials ordered it to stop providing services to its residents a week later. New registrations from Belgian residents became possible again on Sept. 26.
