The giant cryptocurrency exchange, Binance, has announced new fiat partners to handle euro transactions after losing its previous partner, PaySafe, in September due to EU regulatory issues.
Binance has partnered with regulated fiat service providers to offer services such as EUR deposits, withdrawals via SEPA (Single Euro Payments Area), EUR trading pairs, and the ability to buy/sell digital assets using SEPA, bank cards, or fiat balances in Europe.
Binance has already started the migration process of its users to the new service.
Binance users can now use SEPA, bank cards, and fiat balances to buy and sell cryptocurrencies with euros. This means users may no longer need to convert euros into Tether.
However, some users are still experiencing difficulties with euro deposits, and it’s unclear when Binance will secure partners for British pound transactions in the UK.
PaySafe ceased support for British pound transactions in May due to concerns from UK financial regulators. Binance has also suspended access for new users in the UK, and partnerships for GBP deposits are still pending.
Also Read: Binance Denies Ties with UK-Registered Entity Amid Controversy
Binance’s new fiat partnerships offer a promising solution for euro transactions, but challenges remain for British pound users in the UK.
