Binance resumed bank transfers in euros and pounds

The exchange stated that new deposits and withdrawals will be made through a partnership with UK payments company Paysafe

07.03.2022 - 15:25

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What’s new? Binance announced that it has fully resumed bank transfers for account holders in Europe. This comes eight months after the service was suspended under regulatory pressure. The information appeared on the Binance blog.

Information on the Binance blog

What is now available to users? European users of Binance, except for customers in Switzerland and the Netherlands, now have access to deposits and withdrawals in euros and British pounds. The platform uses the Single Euro Payments Area (SEPA) and Faster Payment Services (FPS) for this purpose.

What are the advantages of the platforms? SEPA and FPS will allow European customers to make transfers in euros and pounds through bank accounts. Binance has stated that new deposits and withdrawals will be made through a partnership with UK payments company Paysafe.

What had happened before? Binance had already restricted access to the cardholders of Russian banks hit by sanctions. The South Korean crypto exchanges and the developers of the MetaMask cryptocurrency wallet joined the economic restrictions against Russia. The exchanges such as Kuna, WhiteBIT, and CEX.io completely blocked users from the Russian Federation.

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