Binance’s European banking partner, Paysafe, said on Monday that euro withdraws and deposits conducted via the European Union’s (EU) Single Euro Payments Area (SEPA) are still available—after an erroneous Binance tweet announced they had been temporarily suspended.
A Paysafe spokesman confirmed to Decrypt that euro transactions via SEPA are available for Binance customers until September 25, a deadline announced when Paysafe said it was withdrawing support for Binance in June after a “strategic review.” However, Paysafe said the service has not been available for new users since June 25.
“SEPA payment transactions (EUR deposits and withdrawals) continue to be available via Paysafe to existing Binance customers until September 25,” a spokesperson said. “The service is not available for new users of the SEPA service from June 25 onwards.”
Earlier in the day, Binance’s customer support account said on Twitter that its payments provider could no longer support the euro withdraws or deposits via SEPA in a now-deleted statement.
“Unfortunately, our provider can no longer support these transactions,” the account said. “At the moment, we don’t have a time frame for the restoration of SEPA transfers.”
A statement posted later by Binance’s customer support account on Twitter in Turkish reiterated the aforementioned September deadline. The account later clarified that the message posted “was sent in error.”
The SEPA deposit and withdrawal service will continue until 25 September as originally communicated. The Customer Support message was sent in error. We apologise for the inconvenience. And, we will have alternatives for our users in place before then – so stay tuned.
– VS
— Binance Customer Support (@BinanceHelpDesk) August 21, 2023
Binance did not immediately respond to a request for comment from Decrypt.
SEPA, a cross-border payments network, was created by the European Payments Council (EPC) as a cheap and efficient system for euro payments. Other countries that are not members of the EU, including the United Kingdom, have access.
Paysafe, a publicly traded company headquartered in the UK and listed on the New York Stock Exchange under the ticker name PSFE, specializes in online payments. It also offers businesses embedded digital wallets. Revenue from Paysafe’s digital wallets segment totaled $179 million in its second fiscal quarter of this year.
Binance’s about-face on Twitter regarding euro transactions comes as crypto’s largest exchange navigates heightened scrutiny from regulators in several regions, including the United States and European Union member states like France and Germany.
In the U.S., the exchange faces lawsuits from the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Binance has signaled it intends to fight both lawsuits and pushed back against claims, which include allegations of commingling of customer funds.
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Source: https://decrypt.co/153191/binance-euro-transfers-still-available-says-paysafe
