Cryptocurrency exchange Binance is urging users to exchange euros for Tether (USDT) before the end of October after losing support from its banking partners.
On September 28, Binance urged European Paysafe users to convert the euro balances in their Binance accounts to USDT before October 31, noting that Paysafe had “unilaterally decided to stop processing euro deposits for Binance users.”
However, Binance noted that users can continue to withdraw their Euro balances from their Binance account to their bank account.
“Paysafe users are advised to take appropriate action in advance.”
Starting at 4:00 a.m. UTC on September 28, Paysafe users will no longer be able to trade euro spot trading pairs, and open orders will be canceled one hour later, the company said. Binance Convert will operate similarly to a token swap and will also be subject to Euro trading restrictions.
Paysafe suspended euro deposits on September 25. The company has previously provided fiat deposit and withdrawal services to Binance users in Europe, including bank transfers through the European Union’s Single Euro Payments Area (SEPA).
“We are working hard to integrate the new fiat channel onto Binance as soon as possible,” the announcement reads.
— Hafijul I. Sayeed (@O2brandings) September 28, 2023
On September 27, Cointelegraph reported that Binance France advised its customers to immediately convert all fiat currency holdings into cryptocurrencies.
related: Binance limits European withdrawals, citing payment processor issues
The move is the latest in deepening regulatory and banking woes Binance faces in the West.
Paysafe also removed support for sterling trading in May after UK financial regulators raised concerns about the partnership.
In June, Binance announced it was withdrawing from the Netherlands, and within a week, Belgian officials ordered the exchange to cease services. However, on September 26, it was announced that new registrations would be reopened for Belgian residents.
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