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Binance bounces back in Europe with new fiat partners

Following a recent debank, Binance has secured new fiat partners in Europe as it promises to “increase the freedom of money” around the world.

Binance, the world’s largest crypto exchange, has revealed it has secured several new fiat partners in Europe. The announcement comes less than a month after Paysafe, its former partner, cut ties with the exchange in a “sudden and inexplicable” decision

“We have signed agreements with a number of new regulated and authorized fiat partners to provide a variety of fiat services to our community,” Binance said.

Users have already started being migrated to the new services. 

Fiat services offered by these new partners to Europe-based Binance users include: EUR deposit and withdrawal via Open Banking and SEPA/SEPA Instant; buying and selling crypto via SEPA/SEPA Instant; buying and selling crypto with bank cards; buying and selling crypto with fiat balances; and EUR spot pairs for all users

Related: Binance to suspend withdrawals of GBP as regulators clamp down

It’s not the first time the exchange has bounced back after an abrupt debanking.

In June, Binance.US was forced to suspend USD deposits and withdrawals for US customers, though this was later averted through a new partnership with Moonpay.

“Fiat is crucial”

In the announcement, Binance reaffirmed the importance of fiat in advancing the adoption of digital assets around the world.

“Without an easy way to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating,” the company wrote. “Offering fiat services provides essential ease of use to all participants in the crypto ecosystem.”

The exchange said its mission is to “increase the freedom of money globally”, which is facilitated by having a range of reliable fiat partners.

“The majority of our users around the world now have easy access to crypto through our fiat partner relationships, giving them the freedom to choose exactly how they use their money.”

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. 

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