Binance, a prominent cryptocurrency exchange, has taken steps to overcome the challenges related to payments in Europe by entering into partnerships with new fiat payment providers to offer EUR services to users across the continent. This development was officially announced on Thursday.
The exchange has refrained from disclosing the names of the newly engaged “regulated and authorized fiat partners.” However, it underscored the importance of easy fiat-to-crypto and crypto-to-fiat conversions in advancing global digital asset adoption. Binance’s statement emphasized that simplifying the process of buying and selling crypto is essential, particularly for newcomers to the crypto space. Facilitating fiat services contributes to enhancing the usability of digital assets for all participants in the crypto ecosystem.
The decision to form these partnerships followed Binance’s parting ways with Paysafe, a previous payments partner for Europe. Last year, in May, Binance had engaged Paysafe to process deposits and withdrawals in euros and British pounds. However, Paysafe ceased supporting GBP payments in May of this year and subsequently terminated its arrangement with the crypto exchange after a “strategic review.”
On September 25, Paysafe completely discontinued its support for Binance. Reports indicated that the payments provider had blocked many payments for Binance users even before the full termination of its services.
With the restoration of fiat payment services, Binance clarified that its European users can once again utilize open banking apps and SEPA for depositing and withdrawing euros. The exchange will also maintain its offering of EUR spot crypto pairs for users throughout the continent.
Binance stressed the importance of having fiat “on-ramps” and “off-ramps” to ensure a seamless user experience and facilitate access to Web3 ecosystems for both newcomers and experienced crypto enthusiasts alike.
In the United States, Binance has faced challenges related to its fiat-based services. Last June, its U.S. division ceased all USD-based services, becoming a crypto-only exchange. Nevertheless, it subsequently entered into a partnership with a fiat on-ramp service provider in the United States.
