Paysafe Payment Solutions, the European banking partner of Binance, announced on Thursday that it will no longer offer its embedded wallet solution to the U.S. cryptocurre exchange across the European Economic Area (EEA) starting from September 25th. Binance confirmed the development, saying that Paysafe will no longer be providing EUR deposits and withdrawals via Bank Transfer (SEPA) to Binance users from September 25, 2023.
“Following a strategic review, we have taken the decision to cease offering our embedded wallet solution to Binance across the EEA region,” Paysafe informed Decrypt. “Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months.”
Paysafe told Reuters that the companies “are currently working together to establish a fair and orderly process to terminate this service within the next few months.“
Binance confirmed the news and revealed that it would be seeking a new banking provider for euro deposits and withdrawals facilitated through the Single Euro Payments Area (SEPA). However, no specific details regarding the new partner were disclosed. A spokesperson from Binance mentioned that they would share more information in the future.
Typically, Binance accesses SEPA through payment intermediaries. For the time being, all methods of depositing and withdrawing other fiat currencies, as well as buying and selling cryptocurrencies on Binance.com, will remain unaffected, according to the spokesperson.
Paysafe’s decision comes at a time when Binance is under scrutiny from regulators who are determined to crack down on money laundering. Earlier this month, Binance and its U.S. affiliate reached an agreement with the U.S. Securities and Exchange Commission (SEC) to ensure that U.S. customer assets are held within the country until the resolution of a comprehensive lawsuit filed by the regulatory agency.
