In a surprising turn of events, Paysafe Payment Solutions Limited has decided to cease processing EUR deposits for Binance users. The announcement came on September 28, 2023, urging Paysafe users to convert their EUR balances in Binance accounts to USDT (Tether) before the end of October. Additionally, users still have the option to withdraw their EUR balances directly to their bank accounts. The abrupt decision led to the suspension of EUR deposits by Paysafe users, effective from September 25, 2023, at 00:00 (UTC).
Impact on Binance services
Moreover, the decision has had a ripple effect on various Binance services. Starting from September 28, 2023, at 04:00 (UTC), users will no longer be able to buy or sell crypto using EUR balances. However, Binance assured that users can continue to make such transactions using their credit or debit cards. Spot trading for EUR pairs has also been affected. All open orders on EUR spot trading pairs will start to be canceled from September 28, 2023, at 05:00 (UTC). Binance has strongly advised Paysafe users to cancel any open orders on EUR spot trading pairs before the aforementioned time to avoid potential losses.
Furthermore, Binance’s Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs will be terminated for Paysafe users. Binance Convert, a token swap service, will be set to “EUR reduce only” mode, allowing users to convert EUR to other cryptocurrencies but not vice versa. Auto-Invest EUR plans for Paysafe users will also be paused, affecting their ability to subscribe to Auto-Invest plans with EUR thereafter.
Binance’s efforts to mitigate impact
Despite these setbacks, Binance has reassured its users that all funds are secure and that other crypto-related services remain unaffected. The crypto exchange is also working diligently to integrate new fiat channels onto its platform soon. This move aligns with Binance’s mission to provide a seamless crypto experience for all its users.
In conclusion, the sudden decision by Paysafe to halt EUR transactions has led to a series of disruptions in Binance services. While the crypto exchange is taking steps to mitigate the impact, users are advised to take appropriate actions in advance. This development adds another layer to Binance’s ongoing regulatory and debanking challenges, especially in Western markets. It remains to be seen how Binance will navigate these complexities while striving to offer a seamless experience to its global user base.