Binance has urged users of the payment company Paysafe to convert their euros on the exchange into USDT by October 31st. Starting from September 28th, Paysafe users will no longer be able to engage in spot trading on Binance in euro pairs, and any open orders will be canceled. The Binance Convert function, used for exchanging crypto assets into fiat currency, will also be restricted for transactions in euros.
The exchange’s management noted that Paysafe unilaterally decided to cease processing euro deposits for Binance users. Paysafe suspended euro deposits on September 25th. However, Binance users can continue to withdraw euros from their Binance accounts to their bank accounts.
Previously, Paysafe collaborated with Binance to allow European users to deposit and withdraw funds in fiat currencies via bank transfers in the Single Euro Payments Area (SEPA). Binance stated that they will soon integrate new fiat channels.
