Binance urges euro users to convert to tether

This comes after Paysafe decided to stop processing euro deposits for Binance users on Thursday

In the wake of its banking partner Paysafe’s withdrawal, crypto currency exchange Binance has advised its users to convert their euro balances into Tether’s USDT. This comes after Paysafe unilaterally decided to stop processing euro deposits for Binance users on Thursday. This action led to the suspension of deposits and euro spot trading pairs trading activities by 4:00 a.m. UTC on the same day.

Binance has assured its users that it is working to integrate new fiat channels onto the platform soon. Users who do not want to convert their euro balances into USDT can directly withdraw their funds into their bank accounts.

The exchange’s relationship with Paysafe has not been smooth over recent months. Prior to the problems with the euro, Paysafe had stopped processing UK pound transactions for Binance in May, citing a challenging U.K. regulatory environment. In June, Paysafe informed CryptoSlate of its collaboration with Binance to ensure a structured conclusion of their integrated wallet services for Binance throughout the EEA region. Nevertheless, Binance disputes Paysafe’s claim that its service withdrawal was sudden.

Binance’s banking struggles are not restricted to Europe. In February, the exchange temporarily suspended US Dollar-denominated fiat transfers after its banking partner, Signature Bank, stopped processing crypto transactions worth less than $100,000. Its U.S. subsidiary, Binance US, transitioned to a crypto-only exchange after its banking partners abruptly stopped their services.

While Binance is actively working to identify a new fiat partner for euro services and has temporarily suspended euro spot trading, it remains uncertain when alternative euro support will be reinstated. The exchange has let users convert their euro balances to USDT by October 31, to accommodate them during this transitional phase. In spite of the disruption in buying, selling, trading, and investing services in euro, users can still withdraw their euro balances to their bank accounts.

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