|

Binance asks users to convert EUR to USDT after Paysafe goes AWOL

  • Binance exchange announced early Thursday that Paysafe has stopped processing EUR deposits.
  • The crypto exchange asked its users to convert EUR balances into USDT.
  • This move comes as crypto companies face mounting regulatory pressure from regulators across the world. 

Binance, one of the top crypto exchanges in the world, announced on Thursday that there will be a brief interruption of EUR payments due to Paysafe’s unilateral decision. 

Also read: Binance Coin Price Forecast: BNB needs to retrace before a bullish breakout

Binance halts EUR payments processing 

Binance mentioned that Paysafe, a payments rail in Europe, has unilaterally decided to “stop processing EUR deposits for Binance users.” 

The announcement blog further stated that Paysafe users are advised to take appropriate actions in advance. To alleviate the situation, the exchange suggested that the affected users “may convert EUR balances in their Binance accounts to USDT before 2023-10-31 at 0:00 (UTC). Meanwhile, users may continue to withdraw their EUR balances from Binance accounts to their bank accounts.”

Read more: Binance Coin price crashes by 10% as SEC sues Binance and CEO Changpeng Zhao

Regulatory woes mount for Binance

After the collapse of the US-based exchange FTX, Binance has constantly been under regulatory scrutiny. The US Securities and Exchange Commission (SEC) filed a lawsuit against Binance in June 2023. 

Additionally, Binance recently exited Russia, stating that “operating in Russia is not compatible with Binance’s compliance strategy.” 

Binance Coin price also came under heavy fire during the last few months but BNB held up surprisingly well, considering the barrage of bearish news. Currently, BNB trades at $211.

Read more: Binance Coin price at risk as FUD surrounding a Binance collapse intensifies

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.
XRP falls toward key support as macro uncertainty, weak momentum cap recovery
Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks
The broader cryptocurrency market is rising on Friday, with Bitcoin (BTC) trading above $77,000 after testing lower support near $76,500. Ethereum (ETH) shows signs of stability, hovering above the support provided at $2,400 despite capped upside at $2,500. Meanwhile, Ripple (XRP) holds above $1.33 after three straight days of declines, reflecting growing headwinds due to macroeconomic uncertainty.
Bitcoin pulls back as another golden cross fails to deliver
Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally. Historically, however, that’s often not been the case.
Bitcoin: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.