California: Binance Holdings’ current payments partner for euro bank transfers will stop providing that service to the world’s biggest crypto exchange in about three months.
London-based payments firm Paysafe will no longer support bank transfers of euros to and from Binance via the Single Euro Payments Area network from September 25, according to a spokesperson for the digital-asset platform.
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The exchange “will be changing the provider,” the spokesperson said in a statement late Wednesday in New York, adding that “all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on Binance.com remain unaffected.”
Binance faces a web of probes around the world and has been cut off by some payments providers. In March, Paysafe said it would stop providing a service to UK customers of Binance amid a “challenging” regulatory backdrop.
The US Securities & Exchange Commission earlier this month accused Binance and its founder Changpeng ‘CZ’ Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules. Binance has called the SEC action “disappointing” and said that it intends to defend its platform “vigorously.”
In the wake of the agency’s action, Binance.US told users that payment and banking partners had signaled an intent to pause support for the exchange’s dollar channels.
Meanwhile, Binance Australia was cut off from a key local currency withdrawal route at the start of June.
BNB, the native token of Binance, was steady at $220 as of 6:50 am in London on Thursday. It’s slumped some 30 per cent this quarter, buffeted by the SEC’s lawsuit.