Binance, one of the leading cryptocurrency exchanges, has announced onboarding new partners to handle euro deposits and withdrawals. This move comes after its previous fiat partner, PaySafe, pulled its support in September.

Binance Bolsters Euro Support with New Fiat Partnerships

In a statement released on October 19th, Binance confirmed that it had reached agreements with new fiat partners to facilitate euro payments, deposits, and withdrawals. The decision to seek new banking partners was prompted by regulatory and debanking challenges within the European Union, according to Cointelegraph.

According to Binance, users have already started transitioning to the services their new regulated and authorized fiat partners offer. Though the specific firms were not mentioned, the announcement assured users that euro deposits and withdrawals can now be conveniently made using Open Banking and SEPA/SEPA Instant services.

Expanded Range of Fiat-related Services

In addition to traditional banking methods, Binance's partnership with new fiat providers enables users to buy and sell cryptocurrencies through the Single Euro Payments Area (SEPA), bank cards, and fiat balances. Furthermore, trading of euro spot pairs is now more accessible to Binance users.

Previously, Binance had urged European users to convert their euros into Tether before the end of October. However, with the recent announcement, this recommendation appears no longer mandatory, providing users with more flexibility in managing their funds.

Ongoing User Issues and Concerns

Cryptonomist reported that despite the efforts to enhance euro-related services, some Binance users face challenges depositing euros even after the official announcement. There are also increasing inquiries regarding fiat partners for the British pound in the United Kingdom.

Paysafe withdrew support for British pound transactions in May following concerns raised by U.K. financial regulators. Consequently, Binance has yet to secure fiat partnerships for its U.K. exchange, leaving British users unable to deposit pounds.

On October 16th, Binance suspended access to its exchange for new users based in the United Kingdom. This action resulted from terminating a partnership with a third party responsible for approving communications on the platform under new local regulations enforced by the country's watchdog, the Financial Conduct Authority (FCA).

Binance is actively seeking fiat partnerships for its U.K. exchange to address the needs of its British user base. However, at present, the ability to deposit pounds remains unavailable.

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