One user of the exchange said he could not withdraw his euros.
Binance first reports a 'temporary suspension', then later claims it was an error.
Changpeng Zhao
Just when
it seems that Binance, embroiled in regulatory issues, takes a small step
forward, it faces a setback from another jurisdiction, complicating its
decentralized operations worldwide. According to recent reports, the exchange allegedly
grapples with payment issues in Europe, leading to the suspension of euro
deposits and withdrawals. However, Binance's spokesperson insists that the
service operates as usual.
Binance Allegedly Suspends
Euro Deposits and Withdrawals via SEPA
Binance
Customer Support's official Twitter account announced that the exchange had
temporarily suspended deposits and withdrawals using Single Euro Payments Area
(SEPA) transfers. SEPA is a European payment standard that facilitates quick
and secure card-based transfers within the European Union (EU).
In a tweet
posted on 20 August, the exchange stated they were uncertain when SEPA
transfers would be reinstated. They mentioned that their current payment
provider could no longer support them. This news reignited discussions about
Binance's regulatory issues in Europe, but the tweet was later removed from
their official profile.
A
screenshot showcasing the tweet's content is available below:
Source: Twitter
The tweet supposedly
responded to a Binance customer who claimed to have purchased a significant
amount of euros and could not withdraw the funds because the "Paysafe
account was closed early." In the latest update on 22 August, he claimed
that he still could not access his funds after extensive discussions with
support.
This news
comes months after Binance informed its users that Paysafe Payment Solutions,
the company responsible for euro payments, was halting its collaboration with
the exchange. Paysafe will cease to handle payments in the euro after 25
September.
Binance Responds to
Allegations
As
mentioned earlier, Binance's tweet about temporarily suspending euro transfers
was deleted. In a separate tweet, Binance Customer Support clarified that the
message was sent in error and that SEPA deposits and withdrawals would continue
uninterrupted until 25 September.
Furthermore,
the exchange's press office explained that due to "routine compliance
checks," some users' accounts might be closed earlier than others.
This is not
the first time Binance has suspended withdrawals. Last year, the exchange
temporarily halted Bitcoin (BTC) withdrawals from its platform due to 'stuck transactions'. However, the issue was resolved the same day.
Binance Faces Challenges
on Multiple Fronts
Binance's
regulatory troubles escalated in early June when the US SEC brought a total of
13 charges against Binance, its two affiliates, and Founder, Changping Zhao.
These charges included operating illegal trading platforms, offering
unregistered crypto asset securities, and mixing customers' funds.
This led to
unfavorable regulatory decisions for the exchange in other jurisdictions,
mainly in Europe. In June alone, Binance exited the Netherlands, Cyprus, and
the UK, and faced scrutiny from French regulators over allegedly offering
illegal cryptocurrency services.
Binance's
regulatory challenges in the US and Europe have prompted it to consider
shifting its focus to the Middle East. Alex Chehade, the General Manager of
Binance Dubai, believes the United Arab Emirates (UAE) could become the primary
destination for cryptocurrency businesses seeking clear and favorable
regulations.
CCData
Binance has lost a significant market share in the US, which smaller exchanges have
capitalized on. Data from CCData indicates that exchanges based in Seychelles,
including KuCoin and Huobi Global, have benefited the most from Binance's
waning popularity.
Just when
it seems that Binance, embroiled in regulatory issues, takes a small step
forward, it faces a setback from another jurisdiction, complicating its
decentralized operations worldwide. According to recent reports, the exchange allegedly
grapples with payment issues in Europe, leading to the suspension of euro
deposits and withdrawals. However, Binance's spokesperson insists that the
service operates as usual.
Binance Allegedly Suspends
Euro Deposits and Withdrawals via SEPA
Binance
Customer Support's official Twitter account announced that the exchange had
temporarily suspended deposits and withdrawals using Single Euro Payments Area
(SEPA) transfers. SEPA is a European payment standard that facilitates quick
and secure card-based transfers within the European Union (EU).
In a tweet
posted on 20 August, the exchange stated they were uncertain when SEPA
transfers would be reinstated. They mentioned that their current payment
provider could no longer support them. This news reignited discussions about
Binance's regulatory issues in Europe, but the tweet was later removed from
their official profile.
A
screenshot showcasing the tweet's content is available below:
Source: Twitter
The tweet supposedly
responded to a Binance customer who claimed to have purchased a significant
amount of euros and could not withdraw the funds because the "Paysafe
account was closed early." In the latest update on 22 August, he claimed
that he still could not access his funds after extensive discussions with
support.
This news
comes months after Binance informed its users that Paysafe Payment Solutions,
the company responsible for euro payments, was halting its collaboration with
the exchange. Paysafe will cease to handle payments in the euro after 25
September.
Binance Responds to
Allegations
As
mentioned earlier, Binance's tweet about temporarily suspending euro transfers
was deleted. In a separate tweet, Binance Customer Support clarified that the
message was sent in error and that SEPA deposits and withdrawals would continue
uninterrupted until 25 September.
Furthermore,
the exchange's press office explained that due to "routine compliance
checks," some users' accounts might be closed earlier than others.
This is not
the first time Binance has suspended withdrawals. Last year, the exchange
temporarily halted Bitcoin (BTC) withdrawals from its platform due to 'stuck transactions'. However, the issue was resolved the same day.
Binance Faces Challenges
on Multiple Fronts
Binance's
regulatory troubles escalated in early June when the US SEC brought a total of
13 charges against Binance, its two affiliates, and Founder, Changping Zhao.
These charges included operating illegal trading platforms, offering
unregistered crypto asset securities, and mixing customers' funds.
This led to
unfavorable regulatory decisions for the exchange in other jurisdictions,
mainly in Europe. In June alone, Binance exited the Netherlands, Cyprus, and
the UK, and faced scrutiny from French regulators over allegedly offering
illegal cryptocurrency services.
Binance's
regulatory challenges in the US and Europe have prompted it to consider
shifting its focus to the Middle East. Alex Chehade, the General Manager of
Binance Dubai, believes the United Arab Emirates (UAE) could become the primary
destination for cryptocurrency businesses seeking clear and favorable
regulations.
CCData
Binance has lost a significant market share in the US, which smaller exchanges have
capitalized on. Data from CCData indicates that exchanges based in Seychelles,
including KuCoin and Huobi Global, have benefited the most from Binance's
waning popularity.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Kraken Taps Alpaca for xStocks After Backed Finance Acquisition
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
