The world’s largest crypto exchange, Binance, has stated that Paysafe users need to convert their EUR balances to USDT by the end of October, following Paysafe, its banking partner in Europe, terminating its services on the platform. After Paysafe halted EUR deposits on Monday, support for crypto trading, trading, and investment via EUR on Binance has ended today.
“Paysafe Payment Solutions Limited (Paysafe) has unilaterally decided to suspend EUR deposits for Binance users, so it is advised that Paysafe users take appropriate measures in advance.”Binance
However, Binance has characterized Paysafe’s decision as “unexplained” and stated that it continues efforts to find a new fiat transaction partner.
“Binance is changing its fiat partner for EUR services and temporarily suspending EUR spot trading for users who have previously signed up for fiat services with our former partner Paysafe. Most other Binance services, including withdrawals to bank accounts, will not be affected.”Binance Spokesperson
Additionally, Binance advises Paysafe users to take the following steps until a new fiat transaction partner is found:
Convert Your EUR Balance to USDT: Binance recommends converting your EUR balances to USDT by October 31st. To do this, log into your Binance account and locate your EUR account in the “Spot Wallet” section. Then, you can convert your EUR balance to USDT using the “Transfer” or “Swap” option.
Wait for New Fiat Channels: Binance has stated that it is in the process of finding a new fiat transaction partner and will also be working to integrate new fiat channels soon.