Due to a communication error, rumors have arisen that the crypto exchange Binance would have to stop deposits and withdrawals in euros via bank transfer. But this is not true and we explain the background.
For investors in Bitcoin and Co. an important question is how to eventually clear the investments back into euros. The cheapest way to do this is usually a SEPA bank transfer, as this method keeps the fees low and manageable. Therefore, a mistake in the communication policy of the world’s largest crypto exchange Binance yesterday, Monday, quickly caused a big stir in social networks such as Twitter (now X). Because at short notice was posted there by Binance itself via an official channel, one must stop deposits and withdrawals in Europo by SEPA, because the service provider (Paysafe) stops the support.
But this is not true and Binance also clarified this on X. A message to this effect was sent by mistake, it says there. Everything will remain the same until September 25 and deposits and withdrawals in euros via SEPA with the partner Paysafe will continue to be supported. The fact that Paysafe and Binance will part ways at the end of September had already been announced in June.
Two details are new now: First, Binance promises to offer an alternative for euro deposits and withdrawals before September 25. We are curious ourselves and will of course inform you when the conditions and cooperation partners become official here. The second small detail is that Paysafe is already no longer processing SEPA transfers for new Binance customers. This was confirmed by a spokesperson and was not clearly communicated by Binance and Paysafe until now.
A bit of background on why the issue is sensitive for Binance. Already once, namely from mid-2021 to early 2022, Binance no longer had a cooperation partner for SEPA transfers and was then happy to present Paysafe. The fintech, headquartered in the UK, is listed on the stock exchange and does not comment on the motives why the cooperation with Binance is coming to an end.
Conclusion: Euro deposits and withdrawals at Binance secured until September 25.
Much ado about nothing? No. It remains important that the leading global crypto exchange Binance can also offer the service of depositing and withdrawing in euros via convenient and inexpensive SEPA bank transfers. At the moment, this is only not given for new customers. We will have to wait and see how it will be from September 25 – because the attractive alternative promised by Binance is not yet on the table.
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