Time to Convert Your Binance Euros: Platform Advises Shift to USDT

Time to Convert Your Binance Euros: Platform Advises Shift to USDT

After
withdrawing support for GBP payments in May, Binance is now suspending EUR operations
offered through Paysafe. Although the news of the exchange’s suspension of its
partnership with the payment company in Europe has been known for several
months, the platform today (Thursday) suggested that its users begin converting
their euros to USDT.

Binance Advises Users to
Convert EUR to USDT

According
to a
statement released by Binance, Paysafe „unilaterally decided” to
cease processing euro deposits for the exchange’s users. As a result, the
platform advises traders to take certain preemptive measures, encouraging them
to transfer their euros to Tethers, one of the most popular stablecoin.

The
exchange recommends that users complete the conversion before 31 October.
„The sudden and inexplicable decision by Paysafe will cause a brief
interruption to the following services. We apologize for any
inconvenience,” Binance commented in an official statement.

The
collaboration between Paysafe and Binance began in March last year, enabling
exchange users to deposit and withdraw funds in euros and pounds and trade in
pairs quoted in EUR and GBP. However, in May 2023 Paysafe withdrew its services from
processing payments in pounds, citing regulatory uncertainty in the UK.

A month
later, the partnership with Binance was completely severed following a
„strategic review” and growing regulatory concerns. This occurred
during a period when the exchange was already grappling with lawsuits from
American oversight commissions, and more European regulators were expressing
negative views about its operations.

As of 28 September,
users no longer have the option to buy and sell cryptocurrencies in euros or
trade EUR spot trading pairs. Moreover, since the beginning of the week, most traders
can no longer make euro deposits using Paysafe. However, Binance assures that euro withdrawals to bank accounts will continue to be
possible without interruptions.

„Meanwhile, users may continue to withdraw
their EUR balances from Binance accounts to their bank accounts,” Binance
added. The
exchange also assures that it is working on integrating new fiat payment
channels in Europe to „provide a seamless crypto experience for all
users.”

Binance Exits Russia,
Reopens in Belgium

A lot is happening around Binance lately. Just yesterday, the exchange announced
that it is completely exiting Russia and selling its business to the newly
established exchange CommEX. Interestingly, the mentioned exchange officially
launched its operations a day before releasing this information.

Additionally this
week, the exchange announced that it is resuming its operations in Belgium.
Although it had to suspend them earlier due to an order from the local
regulator, it has decided to move its Belgian clients to Poland. European Union
laws allow the exchange to manage clients’ accounts and provide services from a
registered entity in another country.

Finance
Magnates reported that Binance is participating in a project to create Japan’s stablecoin and accelerate the adoption of Web3 in that part of the world.
According to estimates, the value of the local stablecoin market is expected to
reach $34 billion.

This article was written by Damian Chmiel at www.financemagnates.com.

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