By
Chimamanda U. Martha
April 18th, 2024
In order to process transactions, Binance has partnered with Clear Junction, a British provider of payment infrastructure services. To benefit from SEPA and FPS, Binance users have to complete identity and address verification.
Digital exchange Binance has announced support for direct bank transfers via Single Euro Payments Area (SEPA). In addition to SEPA, Binance has added bank transfers via the Faster Payments Service (FPS) for the British pound sterling. Now, users can enjoy fast, inexpensive direct deposits and withdrawals of EUR and GBP to and from their Binance account via their bank accounts.
Binance has provided daily deposit and withdrawal limits and fees for both SEPA and FPS.
SEPA is an initiative of the European Banking Industry that allows fast, reliable, and cheap Euro (EUR) transfers between bank accounts in the SEPA-zone. It is backed by the European Commission and the European Central Bank. For SEPA, daily and monthly limits make up €50,000 and €500,000, the limit per transaction starts with €20 and may reach €15,000. The fee per SEPA deposits and withdrawals is €1.50.
As for the Faster Payments System, it is one of the most advanced systems of its type in the world that reduces payment times. According to Binance, the daily limit of deposits and withdrawals is £50,000, the monthly limit totals £500,000. Limit per transaction makes up £20 to £15,000, with a fee of £1.95.
In order to process transactions, Binance has partnered with Clear Junction, a British provider of payment infrastructure services. To benefit from SEPA and FPS, Binance users have to complete identity and address verification.
Binance Expanding Services
Binance seems to have avoided a stroke of COVID-19 pandemic. While others were suffering, Binance has been expanding its services.
Last month, Binance launched Rialto — a testnet of its new Binance Smart Chain (BSC). Binance Smart Chain will serve as a parallel blockchain of the current Binance Chain to retain the high performance of the native DEX blockchain as well as enable smart contracts.
Later, Binance started providing historical data to Binance Futures users to assist with backtesting and trading strategies. The data include official records of trade times, prices, and quantities.
Recently, Binance has joined the crypto-asset exchange committee at the Internet and Mobile Association of India [IAMAI], the leading trade body of digital businesses in India.
Currently, Binance is focused on expanding its services in the UK. Earlier, it launched Binance US dedicated to U.S. users to avoid collision with regulators. This summer, Binance is planning to introduce the UK platform to cater to retail and institutional investors. The UK watchdog, the Financial Conduct Authority (FCA), will oversee compliances of the platform with financial regulatory guidelines.
According to the company, Binance UK will take off with 65 digital assets made available for trading. Users will be able to buy and sell these assets through their bank accounts using direct transfers.