Binance, the world’s largest crypto exchange, recently urged its European Paysafe customers to convert their EUR balances to Tether (USDT). The crypto giant’s recommendation came just days after its European banking partner, Paysafe, suspended several services for its customers, including EUR deposits and trading.
Changpeng Zhao, the founder and Chief Executive of Binance, took to X (formerly Twitter) earlier today to issue the directions for customers:
This is an important announcement impacting some EUR / Paysafe users. There should also be replacement fiat channels going live soon. Please stay tuned. 🙏
— CZ 🔶 Binance (@cz_binance) September 28, 2023
Important Updates for Paysafe Users | Binance Support https://t.co/9XoF4olkjN
According to a press release from Binance, Paysafe Solutions Limited unilaterally decided to stop processing EUR deposits for Binance users on September 25, 2023. In light of the latest development, Binance urged Paysafe users to take appropriate actions to convert their EUR balance to stablecoins, preferably Tether.
Binance’s update regarding European Paysafe users read:
Paysafe users may convert EUR balances in their Binance accounts to USDT before 2023-10-31 at 0:00 (UTC). Meanwhile, users may continue to withdraw their EUR balances from Binance accounts to their bank accounts.
Zhao told his followers on X that replacement fiat channels for European users affected by Paysafe’s decision would go live soon. An update shared by crypto influencer Ignas on X revealed that users were only able to convert their EUR balance to USDT via the Binance Convert feature and that there was no alternative.
Unfortunately, users would only be able to initiate EUR open limit orders through Binance Convert till 5 pm UTC on September 28, 2023. Other EUR services affected by the loss of Binance’s European banking partner included Binance Auto-Invest, Binance Spot, and EUR Buy/Sell. Binance assured its users that all funds were secure and that other crypto-related services were unaffected.
On August 21, Binance revealed that Paysafe had announced a deadline for Euro withdrawals and deposits through the Single Euro Payments Area (SEPA) system. At the time, the crypto exchange told its customers that it planned to secure an alternate European banking partner before September 25, 2023.
