Binance Exchange continues to face challenges as its partnership with Paysafe online payment company ends. Following this, the world’s largest cryptocurrency exchange has advised its European users to convert their EUR balances to USDT stablecoin.
Binance made this known on September 28 through an announcement on its official website. According to the update, users are expected to take appropriate actions by converting their EUR balances to Tether stablecoin before 2023-10-31 at 0:00 (UTC).
However, Binance pointed out that before the deadline, users can continue to withdraw their balances from their Binance account to their various bank accounts. Even though the actual reason for the severed partnership wasn’t clearly stated, Binance had said that Paysafe had “unilaterally decided to stop processing EUR deposits for Binance users.”
Source: Binance. Screenshot of announcement
What this means for Binance users
Meanwhile, Binance added that the actions by Paysafe will cause a brief interruption in some of its services. Starting from September 28 at 04:00 (UTC), buying crypto with EUR balances will be stopped. However, users will still be able to buy crypto using EUR with their credit/debit cards.
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Also, all Paysafe users will no longer be able to trade EUR spot trading pairs beginning from 2023-09-28 04:00 (UTC). Starting from 2023-09-28 05:00 (UTC), already open orders on EUR spot trading pairs will start to be canceled. Users are therefore advised to cancel EUR spot trading open orders before the aforementioned time.
In addition, Binance will stop Spot Trading Bots services for EUR/USDT and EUR/BUSD trading pairs for Paysafe users effective from 2023-09-28 04:00 (UTC).
What’s more, Binance also said that from 2023-09-28 04:00 (UTC), its “convert” will be set to reduce only mode. This mode allows users to easily convert EUR to other cryptocurrencies through market order.
Finally, Binance auto-invest EUR plans of Paysafe users will be suspended effective from 2023-09-28 at 04:00 (UTC). Users will no longer be able to subscribe to auto-invest plans with EUR subsequently.
This development comes shortly after Binance suspended EUR deposits on September 25 at 2023-09-25 00:00 (UTC). Paysafe had previously partnered with the exchange giant to facilitate fiat deposits and withdrawals for users in Europe.
The end of Binance’s partnership with Paysafe underscores the exchange’s continued struggle with banking partners. While Binance has continued its grapple for new partners, it has assured its users that it working hard to integrate new fiat channels to its platform soon.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.