Binance to find a banking partner in Europe by September

Paysafe Payment Solutions puts an end to its contract with Binance at Europe. His services allow until September 25 visit deposits and withdrawals at euro on the crypto exchange. The reasons for this decision are not mentioned.

News from Binance remains chaotic since its latest run-in with the US authorities. Its subsidiary Binance.US suffered a liquidity hemorrhage. Its market share has sunk below 5%, compared with 20% in April.

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At Europe Binance also encountered difficulties in Belgium and the Netherlands. Coincidentally or as a consequence, the multinational had to look for a new partner. new financial partner for transactions in euro.

SEPA transactions hit hard

Paysafe Payment Solutions has decided to terminate its contract with Binance. The termination will take effect on September 25.

Paysafe and Binance are currently working to mutually implement an orderly and fair process to terminate this service over the next few months,” the financial player tells Reuters.

This breach of contract means that the exchange is losing the service provider that currently enables it to manage euro deposits and withdrawals on its platform via SEPA banking transactions.

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Binance gets a raw deal on regulation

The announcement comes as Binance comes under scrutiny from regulators keen to combat money laundering, stresses Reuters. This news could complicate the search for a new partner in Europe.

In particular, the crypto exchange is in conflict with Belgium’s Financial Services and Markets Authority. The latter has ordered Binance to “immediately cease offering any services related to virtual currencies” in the country.

In the Netherlands, the company headed by CZ announced its departure. This decision was prompted by the company’s failure to obtain registration as a provider of virtual asset services from local regulators.

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