Binance Erroneously Tweets that Euro Withdrawals Have Been Suspended
- Binance temporarily halted Bitcoin withdrawals in May due to a backlog of impending withdrawals.
- Checkout.com recently terminated its partnership with Binance due to regulatory concerns.
- Binance said it plans to sue Checkout.com for the reason behind its recent decision.
News emerged on Monday that Binance’s European customers had problems with fiat withdrawals due to issues related to Single Euro Payments Area (SEPA) transfers. In a now-deleted message, Binance’s customer service tweeted that the exchange had suspended EUR deposits and withdrawals via SEPA.
Binance, in the deleted post, wrote that “unfortunately, our provider can no longer support these transactions,” adding that “at the moment, we don’t have a time frame for the restoration of SEPA transfers.” However, PaySafe, Binance’s European partner, later clarified that withdrawals and deposits via SEPA are still available.
A PaySafe spokesperson confirmed that the payment company would continue to service Binance users until September 25, when it would officially withdraw its support for Binance. The company previously announced that it would end its partnership with Binance in September following a “strategic review.”
“SEPA payment transactions (EUR deposits and withdrawals) continue to be available via Paysafe to existing Binance customers until September 25. The service is not available for new users of the SEPA service from June 25 onwards,” the PaySafe spokesperson said.
Binance customer support help desk later confirmed that the earlier tweet was sent in error and that PaySafe support would continue until September 25. The company wrote in a tweet,
The SEPA deposit and withdrawal service will continue until September 25, as originally communicated. The customer support message was sent in error. We apologize for the inconvenience. And, we will have alternatives for our users in place before then – so stay tuned.
Binance has already informed users that they could “occasionally be asked for more information as part of routine compliance checks” as September 25 approaches. However, some crypto users have expressed concerns about recent activities with Binance.
Although the exchange maintains that it’s well-positioned to weather the storm, many believe the trading platform could suffer a decline in the long run. Binance has faced increased attention from regulators in multiple countries, including the United States and European Union member nations like the Netherlands, Germany, and France.
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have filed legal action against Binance for offering unregistered securities and allowing US users to access its global platform. However, Binance said it plans to defend itself from all charges, including those of mixing user funds with corporate funds.
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