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Binance Discontinues Euro Bank Transfers amid Regulatory Issues

UTC by Juhi Mirza · 2 min read
Binance Discontinues Euro Bank Transfers amid Regulatory Issues
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The crypto exchange platform Binance will no longer serve the SEPA payments to their users due to conditions beyond the exchange’s control.

Binance will reportedly stop their euro bank transfers according to an email that has been sent to the customers stating the halt has been decided due to conditions that are beyond the control of the exchange. The specific reason for the suspension has not been disclosed but speculation has led to believe that it might be due to regulatory action taken against the platform

The crypto platform further made no attempts to disclose the real reason and started that the service concerning euro deposits made by the customers will not be undertaken or processed by the exchange anymore.

Binance to No Longer Facilitate SEPA Transfers

The crypto exchange platform in an email sent to the customers had informed about their decision to suspend their euro bank transfers service especially the SEPA or Single Euro Payments Area has been put on a halt due to the reasons that the exchange did not share with the media. The anticipation has led to a conclusion stating the reason can be the recent regulatory action that has been taken against the platform due to improper licensing.

Binance previously was embroiled in another financial issue where the platform had been denied customer payments from Barclays after the financial advisors caught the exchange operating in the UK without proper licensing guidelines. The controversy further spun around with the spokesperson of Binance issuing statements on how the exchange was not happy with Barclay’s decision of stopping customer payments over an alleged misunderstanding.

With the UK controversy fanning further, the exchange issued another service halt where the platform will not facilitate faster payments on-ramp service to withdraw British pounds from the exchange to their customers.

Binance continues to rank as one of the world’s leading crypto exchange platforms despite being ensued and receiving global backlash from major countries like Japan, UK, the USA, and Canada. The exchange is said to have maintained an equilibrium by processing $15.8 billion worth of transactions.

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