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Binance Asks Paysafe Users to Convert EUR Balances to USDT by End of October

Binance has informed its users who use Paysafe to transition their euro balances to USDT by October’s end, following Paysafe’s decision to cease processing euro deposits for the exchange’s clientele.

In a recent Thursday communication, Binance highlighted that Paysafe has “independently chosen to halt EUR deposits for Binance customers,” and hence, recommended users shift their euro balances to USDT.

Additionally, Binance assured its users that they retain the ability to transfer their euro balances from their Binance accounts directly to their bank accounts.

Binance elaborated on the implications for Paysafe users, stating that starting from September 28 at 4:00 am UTC, they would be unable to engage in EUR spot trading pairs. Furthermore, any open orders would be terminated an hour after that.

The exchange also emphasized a word of caution for its users, suggesting, “Users are strongly encouraged to modify and/or terminate their Spot Trading Bots before the discontinuation of such services to prevent potential setbacks.”

Moreover, the Binance Convert service, which functions akin to a token exchange, will also suspend euro-based transactions.

Paysafe Ends Support For Binance

Paysafe, the European payment partner for Binance, followed through with its earlier announcement and terminated support for the crypto exchange’s customers by the September 25th deadline.

Rewinding to June, Paysafe declared its intentions to discontinue its integrated wallet solution for Binance.

Interestingly, even before the official cutoff date, Paysafe had already begun barring some Binance users last week.

When quizzed about this preemptive action, a representative from Binance communicated to Cryptonews, explaining that Paysafe subjected “a minuscule fraction (0.085%) of Binance’s European clientele using Paysafe accounts to an early termination review.”

Recalling the partnership’s inception, Binance had joined forces with Paysafe the previous year. This collaboration was primarily to facilitate Binance users in depositing British pounds via the Faster Payments system, a significant conduit managing payments and bank transfers within the UK.

Binance Market Share Shrinks as Exchange Faces Regulatory Scrutiny

Binance, a prominent name in the crypto exchange world, has witnessed a significant decline in its market share among non-dollar crypto exchanges.

Recent data indicates that Binance’s market share, when compared to major Asian exchanges such as Upbit, Huobi, Bybit, and OKX, was 54% in August. Forecasts suggest this figure will slide to below 51% for September. This shift is especially noteworthy given that Binance dominated this group with a 75% market share at the close of 2022.

The dwindling market share of Binance is largely ascribed to intensifying regulatory scrutiny.

In a pivotal event this past June, the SEC took legal action against both Binance and its CEO, charging them for their “overt non-compliance with federal securities laws.” The lawsuit detailed 13 violations against the platform, a central one being the operation of an unregistered exchange.

Similarly, Binance’s operations in France came under scrutiny as local authorities inspected the company’s French office a month ago. The focus of this investigation revolves around claims of illicitly offering digital asset services and more serious accusations of money laundering.

In another blow to the exchange, Nigeria’s Securities and Exchange Commission (SEC) directed Binance to halt its operations within the country.

Adding to its mounting challenges, Binance has also confronted regulatory hurdles in various European nations, including Belgium and Austria. These confrontations are part of the broader backdrop of the exchange gearing up to align with the European Union’s impending Markets in Crypto Assets (MiCA) regulations.

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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.”

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