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Payment service provider Paysafe unilaterally suspends Euro deposits for Binance, Zhao Changpeng: Alternative solutions will be implemented promptly

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Payment service provider Paysafe unilaterally suspends Euro deposits for Binance, Zhao Changpeng: Alternative solutions will be implemented promptly

After suspending GBP deposits and withdrawals in March, Binance's payment partner Paysafe has unilaterally halted Euro deposits for Binance users this time.

Paysafe Unilaterally Suspends Euro Deposits for Binance Users

Binance announcement urges Paysafe users to take appropriate action in advance with several service changes:

  1. September 25, 00:00 UTC: Suspension of Euro deposits for Paysafe users

  2. September 28, 04:00 UTC: Suspension of Euro trading for cryptocurrencies, automatic investment plans for non-Paysafe users remain unaffected

  3. September 28, 04:00 UTC: Binance Convert limited to market orders only, no more limit orders

  4. October 31, 00:00 UTC: Users are required to convert Euro balances to USDT by this date, Euro balances can also be withdrawn to bank accounts

The announcement states that Paysafe's unilateral decision was sudden and inexplicable, apologizing to users. Users can still purchase cryptocurrencies with Euros via credit cards or bank cards.

However, KOL Ignas mentioned that his Euro balance could not be converted back to USDT, and the Binance App seems unable to recognize Euro balances.

CZ: Alternative Solutions Will Be Launched Soon

CZ stated that this change is significant for Paysafe's Euro users, and alternative solutions will be launched soon.

Paysafe Previously Suspended GBP Deposits and Withdrawals

Previously reported, in March of this year, Paysafe claimed that the regulatory environment for cryptocurrencies in the UK was too challenging, leading to the decision to cease providing digital wallet solutions to Binance customers in the UK.

As of March 13, Binance halted GBP deposits and withdrawals for new users, and on May 22, all users were barred from GBP transactions.