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• Paysafe Payment Solutions Limited, Binance’s EUR banking partner, will stop offering services on September 25th 2023.
• This decision is due to the new Markets in Crypto-Assets Act (MiCA) recently adopted by the European Parliament.
• Binance has promised to find a new payment partner for EUR settlements.

PaySafe to Discontinue Services for Binance Users

Binance’s EUR banking partner, Paysafe Payment Solutions Limited, has announced that they will stop offering services to Binance users starting September 25th 2023. This announcement follows the adoption of the Markets in Crypto-Assets Act (MiCA) by the European Parliament.

Impact on GBP Deposits and Withdrawals

The discontinuation of services by Paysafe will affect GBP deposits and withdrawals as well. In May of this year, Paysafe had stopped offering its embedded wallet solution for UK customers due to complex regulations in the country. As a result, Binance suspended GBP deposits and withdrawals for all its users at that time.

EUR SEPA Bank Deposits Interrupted

Binance has notified users that following September 25th they will be required to use new banking details in order to make UER deposits into their Binance Fiat wallets and may also have accept new terms and conditions.

Subsidiary also Experiencing Issues

Similarly, Binance’s US subsidiary, Binance.US had been having issues with its banking partners who had threatened to discontinue USD banking services before an agreement was reached between them and service resumed once again.

Binance Seeking New Payment Partner

In light of these developments, Binance is seeking a new payment partner for EUR settlements while hoping that further disruptions are avoided in other parts of Europe and Latin America where it still provides services through Paysafe Payment Solutions Limited.