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Binance debanked in Europe in “sudden and inexplicable” decision from Paysafe

Binance has advised users to convert their Euros to USDT, or to withdraw into their bank accounts, before October 31.

Few companies have had a more rocky (and resilient) year than Binance, the world’s largest crypto exchange.

Today, the exchange announced that Paysafe, the company’s European fiat channel, has unilaterally decided to stop processing Euro deposits for Binance users in a “sudden and inexplicable” decision. 

Users have been advised to take action by either withdrawing their Euro balances from Binance into their bank accounts, or by converting their Euros into digital dollars, such as USDT. 

Action must be taken by October 31, the company said.

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

Binance CEO Changpeng Zhao (CZ) said on X that the company expects a replacement fiat channel to go live soon. 

Euro deposits were suspended on September 25.

From today, Binance users will not be able to buy crypto with Euro balances, nor sell crypto for Euros. Users can however continue to buy crypto using Euros via credit and debit cards, the announcement confirmed.

Other Binance services will also be impacted by the debanking, including Binance Spot, Binance Convert and Binance Auto-Invest.

Paysafe users will no longer be able to trade Euro spot trading pairs and are advised to cancel open orders by 04:00 UTC, September 28. 

Spot Trading Bots on EUR/USDT and EUR/BUSD will also be terminated. “Users are strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses,” the announcement stated.

Binance has faced a series of debanking issues over the past year due to ongoing regulatory hostility. 

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

A month earlier, in May, Paysafe also stopped supporting GBP on Binance, citing regulatory challenges. 

Read more: You can still withdraw USD on Binance.US, but don’t get used to it

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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