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
FXStreet
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.
