By
Chimamanda U. Martha
April 25th, 2024
Binance is currently in the process of finding partners for dealing with fiat transactions in the UK, as British users are still unable to deposit GBP.
Leading global cryptocurrency exchange Binance has successfully onboarded fresh fiat partners to facilitate euro transactions after halting the services earlier this year due to regulatory challenges.
In an official announcement on October 19, the exchange said it had finalized agreements with new fiat partners to manage euro payments, deposits, and withdrawals.
Binance Reopens Euro Deposits and Withdrawals
The announcement comes after the company’s former payments partner PaySafe ended their one-year partnership with Binance earlier this year due to regulatory concerns.
The termination, which stemmed from regulatory concerns in the United Kingdom regarding the company’s collaboration with Binance, interrupted the exchange’s spot trading and auto-invest services.
At the time, Binance customers were requested to convert their fiat to stablecoin, such as Tether (USDT).
However, customers no longer need to convert their assets to USDT as the company has secured fresh partnerships with a number of payment companies.
According to the announcement, customers can now return to buying and selling cryptocurrencies in euros through the new partners that offer services that enable users to deposit and withdraw Euros through Open Banking and SEPA/SEPA Instant.
Additionally, users can buy and sell the digital assets using SEPA, bank cards, and their fiat balances, along with the ability to trade in EUR spot pairs.
While the company failed to disclose the identities of the new payment partners, Binance confirmed that the companies are fully “regulated and authorized” to facilitate euro transactions.
Binance also said that users have started immigrating to the new services provided by the fiat partners.
British Users Unable to Make Fiat Transactions
Meanwhile, some customers reported on X (formerly Twitter) that they still had trouble depositing euros on the platform even after the announcement. Additionally, another user queried which companies Binance partnered with to handle British pound transactions in the UK.
Recall that Paysafe stopped supporting British pound transactions in May due to concerns raised by financial regulators in the country.
Earlier this week, Binance stopped allowing new users from the UK to access its exchange. The company stopped accepting new users from the region after ending a partnership with a third party responsible for approving communications on its platform in compliance with new local regulations from the country’s watchdog, the Financial Conduct Authority (FCA).
Binance is currently in the process of finding partners for dealing with fiat transactions in the UK, as British users are still unable to deposit GBP on its UK exchange.