You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
30,725

Binance Announces Alliance With Fiat Partners to Offer EUR Services – Here’s the Latest

Leading cryptocurrency platform, Binance, has rolled out fresh fiat collaborations to facilitate transactions in Euros. The exchange has affirmed that this endeavor is underway and customers are transitioning to these revamped services.

This new alliance aims to introduce an array of fiat functionalities. These include Euro (EUR) deposits and withdrawals via open banking, SEPA (Single Euro Payments Area) transactions, purchasing or selling of crypto through bank cards and fiat balances, as well as the trading of EUR spot pairs.

This strategic shift comes on the heels of Binance’s previous EUR banking associate, Paysafe, discontinuing its services with the company.

According to Binance’s recent Thursday update, the transition to these innovative offerings is already in motion for users. However, the announcement remained tight-lipped about the identities of these new fiat collaborators.

Binance has stressed the significance of streamlining the conversion between fiat and cryptocurrency, believing it to be instrumental in promoting global digital asset adoption.

“Making the process of purchasing or liquidating crypto straightforward is vital. For newcomers, entering or exiting the crypto market can seem complex and daunting. Hence, presenting fiat solutions offers much-needed simplicity for everyone involved in the crypto sphere,” Binance stated.

In the wake of the Paysafe-Binance split in September, a wave of European users encountered challenges related to fiat withdrawals. There were grievances from users who struggled to cash out Euros they had amassed from selling their cryptocurrency assets.

Binance highlighted the critical role of fiat entry (‘on-ramps’) and exit points (‘off-ramps’) in ensuring a seamless user experience. “Such gateways are fundamental to paving the way for both newcomers and seasoned crypto enthusiasts to the Web3 ecosystems,” the firm remarked.

This update follows closely on the heels of another significant news: the resignation of the managing director of Binance’s French division, which is part of a series of high-profile executive exits. Binance experienced another blow in Europe earlier in June.

The exchange reportedly faced a rebuff from Germany’s financial oversight body, BaFin, when seeking a custody license to operate within the country. Just a month subsequent to this setback, Binance opted to retract its license application from the regulatory authority.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024