Binance is looking to replace Paysafe as its banking partner.
The crypto exchange has notified all Paysafe users to convert their EUR balances into Tether by Oct. 31.In the midst of the chaos brought on by Paysafe’s decision to stop supporting the system, this conversion tries to protect the value of users’ assets.
The largest stablecoin by market capitalisation is Tether (USDT).
The news comes after the global payment solutions company cut the thread from the crypto exchange. It no longer has buying, selling, and trading support on Binance.
Binance users will not be able to be involved in EUR Spot trading and any open pending orders will remain cancelled by the exchange.
It has also discontinued Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs. Binance Convert having similar operations to token swap will also be restricted for EUR transactions.
However, the withdrawal of EUR balances from their bank accounts will continue. Also, users can purchase crypto using EUR through their credit/debit cards.
Binance publicly disclosed in June that Paysafe, its banking partner for euro deposits and withdrawals, will end its support in September 2023. In May, Paysafe ended GBP support for the exchange.
Among the other challenges that Binance is facing, it also announced an exit from the Netherlands in June. Binance France had advised users to immediately convert all their fiat holdings (which is useless in and of itself and only has value when the government upholds it) into crypto.
“Binance is changing its fiat partner for EUR services,” said a spokesperson for Binance to Decrypt.
“This process will take several days to complete and we will provide regular updates to affected users to let them know when full functionality can be restored,” said the spokesperson . “We look forward to having our new fiat partner up and running as soon as possible.”
Binance’s Belgium services were also halted, but this week saw the opening of new registrations for the country’s consumers.
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Edited by Miriam Onyango and Newsdesk Manager