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.
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You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
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Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
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⚖ Balanced reporting
📞 Right of response
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#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
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⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
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📰 Verified reporting
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✅ Facts over noise
