Customers of the world’s largest crypto exchange Binance can once again make deposits and withdrawals in euros via bank transfers. This important service had been suspended since summer 2021.
Binance has found a partner in the financial services provider Paysafe, which makes it possible to transfer euros to and from customer accounts through ordinary bank transfers. In July 2021, Binance had surprisingly suspended this option to deposit euros through a SEPA transfer. A little later, this channel was also interrupted for withdrawals. This also angered Binance customers in Germany, as bank transfers are the cheapest way to use a corridor to the euro between investments in Bitcoin and Co.
As Binance now announced, a pilot project was initially launched for the resumption of the service. Participants for this would be selected according to a number of unspecified criteria. What is clear is that a fully completed identity verification (KYC) remains a prerequisite with Binance. We were already able to find the option for bank transfers with Paysafe in one of our customer accounts at Binance, called for two euros fee per transfer. This is much cheaper compared to the option of using a Visa credit card for Euro transactions, where a one percent fee is charged.
Paysafe confirmed the partnership with Binance in a short message, but refers to Binance for details. There it is said that euro transfers via SEPA will be re-enabled step by step for all markets. So you might have to be patient until this option is individually available again. If you haven’t done so yet: Make sure to check if your account at Binance is completely verified or if there might be missing information that has to be provided online.
Conclusion: Euro bank transfers important piece of the puzzle at Binance Services
Officially, Binance never admitted that the suspensions of bank transfers were related to problems with regulators. But to observers, the matter seemed clear, as the search for a partner here dragged on for Binance for a very long time. Competitors, such as Bitfinex most recently, want to solve the problem, which is not unusual for the crypto industry, by setting up or acquiring a bank themselves. For investors like you, however, it doesn’t really matter how Binance organizes the Euro bank transfer service in the background – what matters is that this channel works reliably at low fees. In this respect, Binance is finally rounding out its offering in an important field.