Paysafe to stop supporting crypto exchange Binance in September

Cryptocurrency exchange Binance will no longer have access to euro-denominated bank deposits and withdrawals to and from the platform through its banking partner Paysafe ( NYSE: PSFE ) after September 25. “Binance will be changing the provider for EUR deposits and withdrawals via Bank Transfer (SEPA). Our current partner, Paysafe, will no longer be providing these services to Binance users from 25th September 2023,” a Binance spokesperson told Seeking Alpha in an emailed statement. “At that time, our users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.” SEPA stands for Single Euro Payments Area, the European Union's cross-border network for cashless euro payments. The move comes as Binance faces a regulatory clampdown in the U.S. and Europe. Earlier this month, the U.S. Securities and Exchange Commission sued the company and CEO Changpeng Zhao for violating a number of the country's securities regulations. And Belgium's markets regulator last week ordered Binance to stop offering its crypto services in the country, citing a breach of a prohibition by "offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area." CoinDesk first reported that Binance got dropped by Paysafe for euro transfers. More on Binance and its regulatory hurdles Binance hires ex-DOJ prosecutor in wake of SEC suit Binance pulls out of Netherlands after failing to get VASP registration Two senators want DOJ to probe whether crypto giant Binance lied to lawmakers - report