Binance's European banking partner to withdraw support - CoinDesk (updated)

Paysafe

29/06/2023 02:12

(Adds details from the CoinDesk report in paragraph 2,
background from paragraphs 4-6)
       June 28 (Reuters) - Binance's European banking partner
Paysafe Payment Solutions Ltd will stop supporting the U.S.
cryptocurrency exchange from Sept. 25, CoinDesk reported on
Wednesday.
    The crypto exchange will be changing the provider for euro
deposits and withdrawals through the Single Euro Payments Area
(SEPA), while the current partner — Paysafe — will no longer be
providing these services to Binance users, the report said,
citing Binance's spokesperson.
        Binance typically accesses SEPA via payment
intermediaries. 
    Paysafe and Binance did not immediately respond to a Reuters
request for comment.
    The report comes as Binance faces scrutiny from regulators
keen to clamp down on money laundering.
        Earlier this month, Binance and its U.S. affiliate had
entered an agreement with the Securities and Exchange Commission
to ensure U.S. customer assets remain within the country until a
sweeping lawsuit filed by the regulatory agency is resolved.
    Binance had tied up with Paysafe last year so that its users
could deposit sterling via Faster Payments, a network that
oversees payments and bank account transfers in Britain.
        
  
        
  

 (Reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi
Aich and Sherry Jacob-Phillips)
 ((rishabh.jaiswal@thomsonreuters.com;))