Binance Advises Paysafe Users to Convert Euro Balances to Tether
Crypto exchange Binance has issued a recommendation for customers using the services of Paysafe for euro (EUR) transfers. The crypto trading platform is advising users to convert their euro balances to tether (USDT) or withdraw them to bank accounts after the payment processor suspended deposits and withdrawals in the common European currency.
Binance Urges Traders to Take Action Amid Paysafe Suspension of EUR Transfers
The world’s largest exchange for digital assets, Binance, issued a notice calling on users of Paysafe Payment Solutions to take “appropriate actions” in relation with the payment company’s decision to stop processing euro deposits and withdrawals for Binance customers.
In June, the U.K.-based payment processor announced its decision to cease offering its embedded wallet solution to Binance across Europe. It was expected to drop support for bank transfers of euros to and from Binance via the Single Euro Payments Area (SEPA) in late September.
On Thursday, Binance suggested that Paysafe users convert EUR balances in their accounts on the exchange to USDT before Oct. 31, 2023. In the meantime, they can continue to withdraw their euro balances from Binance accounts to their bank accounts, the platform added.
Binance also detailed the services affected by Paysafe’s “sudden decision.” Euro deposits by Paysafe were suspended on Sept. 25. Starting from Sept. 28, users will be unable to buy crypto with, or sell crypto for euro balances, the exchange said while noting:
Please be assured that users can continue to buy crypto using EUR with their credit/debit cards.
Also effective from Thursday, all Paysafe users will not be able to trade EUR spot trading pairs and they were “strongly advised” to cancel open orders on such pairs. Binance also terminates Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs for Paysafe users.
The change concerns two other services — Binance Convert has been set to reduce only mode, which allows traders to convert euro to crypto through market orders but not the other way around, and Auto-Invest EUR plans of Paysafe users have been paused.
Binance assured customers that all funds are secure while all other crypto-related services remain unaffected. “We are working to integrate new fiat channels onto Binance soon, as in line with our mission to provide a seamless crypto experience for all users,” the company added.
Paysafe’s move is just one of the challenges that the world’s leading crypto exchange has had to deal with in the past few months. Binance has been under increased pressure from regulators in Europe and the U.S., where its local arm lost banking support, market share and jobs as a result and had to announce a transition to crypto only trading.