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.
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:
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.
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:
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.
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.
Crypto Regulations Are Imminent, but Will the Regulators Align?
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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