Binance has issued an official statement detailing how users should proceed after its France division’s partnership with Paysafe expired this week.
Binance expects a brief interruption to certain services as a result of the end of the collaboration, a decision that has been deemed to be “unilateral.”
Paysafe ‘Unilaterally Decided to Stop Processing EUR Deposits’
In the latest blog post, Binance acknowledged that Paysafe has “unilaterally decided to stop processing EUR deposits” for users of the exchange. It also said the decision by Paysafe was “sudden and inexplicable” and is expected to cause a “brief interruption” to certain services.
The crypto exchange has urged users to convert their EUR balances in their Binance accounts to USDT stablecoin before October 31st. Customers will still be able to withdraw their EUR balances from the crypto exchange accounts to their bank accounts.
Starting from September 28th, users will be unable to buy or sell crypto with EUR balances. During the same period, Paysafe users will no longer be able to trade EUR spot trading pairs, while open orders will be canceled one hour later.
Additionally, EUR transactions on Binance Convert, which functions similarly to a token swap, will be restricted to the EUR reduce-only mode.
Paysafe users with Auto-Invest EUR plans will have their plans temporarily paused, and they may not be able to subscribe to new Auto-Invest plans with EUR in the future. Binance, however, assured that Auto-Invest EUR services will continue as usual for other users.
“Please rest assured all funds are secure, and all other crypto related services remain unaffected. Putting users first is Binance’s most important principle. We are working to integrate new fiat channels onto Binance soon, as in line with our mission to provide a seamless crypto experience for all users.”
Binance – Paysafe’s Partnership Expiration
Paysafe was Binance’s banking partner, which supported EUR deposits and withdrawals through the European Union’s Single Euro Payments Area (SEPA) bank transfers. The partnership between Binance France and the online payments company officially ended on September 25.
It was recently reported that the French arm of the crypto exchange was struggling to secure a new banking partner to replace Paysafe. A spokesperson for the company even confirmed to the French radio station BFM that Binance was actively working to onboard new partners and expects to provide an update soon.
Besides, Binance announced its departure from the Russian market earlier this week by selling its business to rival CommEx.
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