Following the termination of its agreement with payment processor Paysafe, Binance, the largest cryptocurrency exchange in terms of daily trading volumes, has requested that its European users convert their holdings of euros (EUR) to Tether (USDT).
In accordance with the announcement made on September 28th, European customers of Binance are urged to convert their EUR balances to USDT prior to the deadline of October 31st.
The declaration followed Paysafe’s decision to “stop processing EUR deposits for Binance users.” Binance stated that users could still transfer their euro holdings to their personal bank accounts despite the inconvenience.
The official statement from the crypto exchange urged:
Binance stopped offering EUR spot trading pairs as of September 28 at 4:00 AM UTC, and any open orders were cancelled an hour later. In the future, EUR transactions will not be supported by Binance Convert’s capability.
Paysafe has been enabling euro deposits and withdrawals via the Single Euro Payments Area (SEPA) of the European Union before cutting ties with Binance on September 25. Binance recently stated that it would “integrate new fiat channels onto Binance soon.”
This event is the most recent in a string of banking and regulatory difficulties that Binance has encountered in Western nations. As UK financial watchdogs’ scrutiny of financial transactions grew, Paysafe earlier suspended its support for transactions in British pounds.
Binance left the Netherlands in June, and Belgium then issued a cease-and-desist directive. The cryptocurrency exchange has reopened new registrations for Belgian citizens as of September 25th, nevertheless.
Binance’s demand that users convert their euros to Tether is just another hurdle in its rocky ascent through Western regulatory environments. While the business promises to launch new fiat gateways, European users are urged to take immediate action to prevent any potential trade difficulties.
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