Binance Restarts Euro Services After Securing New Fiat Partners
- Binance announced that it had restored its Euro services, including withdrawals and deposits.
- The firm has secured new partners in the EU but did not reveal their names.
- It believes that without fiat services, users find trading crypto “unintuitive and intimidating.”
- The exchange’s previous partner, PaySafe, ended their agreement in September after a “strategic review.”
Binance, the world’s largest digital asset trading platform by trading volume, has restarted deposits and withdrawals in Euro months after losing its previous partner, PaySafe, in September. The firm announced that it had secured new partners to handle its Euro services, and now the services are back to normal.
As per an announcement shared on October 19, Binance confirmed that it had signed agreements with new fiat partners for euro payments, deposits, and withdrawals and added that users are already migrating to these new services. The exchange also noted that “fiat channels are an important factor in driving crypto adoption around the world.”
“Binance’s mission is to increase the freedom of money globally, and having partners that enable us to meet this goal is crucial. The majority of our users around the world now have easy access to crypto through our fiat partner relationships, giving them the freedom to choose exactly how they use their money,” said the exchange.
Binance also noted that having fiat on-ramps and off-ramps is a very important feature for centralized exchanges because it “is key to a good user experience and enabling access to Web3 ecosystems for new users and crypto natives alike.” The note believes that “without an easy way to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating.”
As per earlier reports, PaySafe stated that it would end its partnership with Binance in September following a “strategic review.” It seems that the debanking and regulatory crackdown in the European Union could be a reason for PaySafe to end its agreement with the leading exchange. Meanwhile, the new partners of the firm haven’t been revealed in the announcement.
Interestingly, one of Binance’s partners, Checkout.com, ended its partnership with the exchange while stating that it aided money laundering and could face sanctions for violating US laws. On the other hand, the exchange said that it was considering a legal action against Checkout.com as it did not agree with the firm’s reasons for ending the partnership.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
