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Binance has released an official announcement outlining the steps users should take following the expiration of its partnership with Paysafe in France this week.
The exchange anticipates a temporary disruption to specific services due to the conclusion of this collaboration, which has been characterized as “unilateral.”
Paysafe ‘Unilaterally Chose to Cease Processing EUR Deposits’
In a recent blog entry, Binance recognized that Paysafe has “unilaterally chosen to cease processing EUR deposits” for the platform’s users. The exchange described Paysafe’s decision as “sudden and inexplicable,” and it is expected to lead to a “brief interruption” in certain services.
The cryptocurrency exchange has advised users to convert their EUR balances in their Binance accounts to USDT stablecoin before October 31st. Customers will still have the option to withdraw their EUR balances from their accounts to their bank accounts.
Beginning September 28th, users will be prohibited from buying or selling cryptocurrencies using EUR balances. During this timeframe, Paysafe users will also be unable to trade EUR spot trading pairs, and any open orders will be canceled one hour later.
Moreover, EUR transactions on Binance Convert, which operates similarly to a token swap, will be limited to the EUR reduce-only mode.
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Paysafe users with Auto-Invest EUR plans will see their plans temporarily suspended, and they may not have the ability to subscribe to new Auto-Invest plans with EUR in the future. However, Binance assured that Auto-Invest EUR services will continue as normal for other users.
“Please rest assured all funds are secure, and all other crypto-related services remain unaffected. Putting users first is Binance’s most important principle. We are working to integrate new fiat channels onto Binance soon, in line with our mission to provide a seamless crypto experience for all users.”
Binance – Paysafe’s Partnership Conclusion
Paysafe served as Binance’s banking partner, facilitating EUR deposits and withdrawals via the European Union’s Single Euro Payments Area (SEPA) bank transfers. The official partnership between Binance France and the online payments provider concluded on September 25.
It has been reported recently that the French division of the crypto exchange is facing challenges in finding a new banking partner to succeed Paysafe. A representative for the company confirmed to the French radio station BFM that Binance is actively seeking new partners and anticipates providing an update shortly.
Additionally, Binance announced its exit from the Russian market earlier this week by selling its operations to competitor CommEx.
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