After one month, Binance succeeded in bringing EUR fiat withdrawal & deposit services for the Binance customers.
Binance is a top-ranked crypto exchange by 24-hour trade volume. Since 2021, Binance has been facing legal hurdles in the different jurisdictions. In early this year, Binance & its American subsidiary BinanceUS sued by the America’s top two financial regulators namely the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC).
In Sep, amid huge legal hurdles, Binance lost its European Union banking partner PaySafe. As part of the termination of the partnership, Binance suspended the euro deposit & withdrawal service and ordered customers to convert Euro funds into USDT, a top-ranked stablecoin in the crypto market.
On 19 Oct 2023, Binance announced that the company secured another Euro banking partner to provide Euro deposit & withdrawal services for the customers.
Under the new banking partnership with Binance, Open Banking and SEPA/SEPA will provide Euro deposit & withdrawal services. SEPA/SEPA will provide crypto buy/sell service to the customers.
Some Binance customers reported that they are not able to deposit or withdraw their Euro funds despite this new partnership.
Here the Binance exchange succeeded in solving the issue of crypto-banking services for European Union customers but the exchange is still struggling in the UK’s jurisdiction.
On 16 Oct 2023, Binance announced the termination of its services for the new UK-based customer, as the company failed to maintain its partnership with a third party to approve communications on its platform under new local rules by the country’s watchdog, the financial conduct authority (FCA).
Also, this exchange is still struggling to provide GBP fiat deposit & withdrawal services because of the unavailability of any banking partner.
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