Binance's European Banking Partner Paysafe to Stop Offering Wallet Solution to Crypto Exchange From September

Paysafe's decision comes at a time when Binance is facing scrutiny from regulators keen to clamp down on money laundering.

By Reuters | Updated: 30 June 2023 15:09 IST

Binance's European Banking Partner Paysafe to Stop Offering Wallet Solution to Crypto Exchange From September

Photo Credit: Binance

Binance typically accesses SEPA via payment intermediaries

Highlights

Binance tied up with Paysafe last year
Paysafe and Binance are now working to mutually
Binance is facing scrutiny from regulators

Paysafe Payment Solutions, Binance's European banking partner, said on Thursday it will cease offering its embedded wallet solution to the US cryptocurrency exchange across the European Economic Area (EEA) from Sept. 25.

"Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months," Paysafe said in an email to Reuters.

Binance confirmed the news and said it would change the banking provider for euro deposits and withdrawals through the Single Euro Payments Area (SEPA) but did not reveal any details about the new partner.

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"Binance will provide more information in due course," a company spokesperson said.

Binance typically accesses SEPA via payment intermediaries.

In the meantime, all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on Binance.com will remain unaffected, the spokesperson added.

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Paysafe's decision comes at a time when Binance is facing scrutiny from regulators keen to clamp down on money laundering.

Earlier this month, Binance and its US affiliate entered an agreement with the Securities and Exchange Commission to ensure US customer assets remain within the country until a sweeping lawsuit filed by the regulatory agency is resolved.

Binance tied up with Paysafe last year to allow its users to deposit sterling via Faster Payments, a network that oversees payments and bank account transfers in Britain.

Binance’s European Banking Partner to Stop Support From September: Report

© Thomson Reuters 2023

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