Binance has partnered with Paysafe to launch the pilot program for EUR Deposit and Withdrawal via the SEPA payment network
Binance, the world’s largest spot exchange by transaction volume, temporarily ceased SEPA payments in July 2021. At the time, the firm informed consumers via email that the suspension was ‘due to circumstances beyond our control’ and that it was working diligently with our partners to find a solution. The SEPA network was created to facilitate bank transactions between the EU’s 27 member nations. The European Union and the European Payments Council established the program to make international payments in Euros easier.
Now Binance has announced the resumption of EUR transactions through SEPA. As of January 26th, 13:00 UTC, this has already taken effect. It may be worthwhile to verify whether your account was previously banned in order to determine whether deposits and withdrawals through the aforementioned methods are again permitted. The change is made possible through a collaboration with Paysafe.
“Users are selected based on a series of testing criteria to participate in the pilot program. The full reopening of SEPA channels will expand to all markets in due course.” – plays the ad.
Paysafe acknowledged the collaboration, stating that Binance would use the company’s digital wallet technology. And that Paysafe will effectively serve as the exchange’s fiat on-ramp partner in Europe. Binance also told customers on its SEPA FAQ page that it would initially enable SEPA transfers solely from personal accounts, however it is working on providing the option for corporate accounts.
Binance has not changed its customer KYC procedures, and the study is based on interviews with dozens of former Binance workers, business partners, and consultants, as well as an examination of hundreds of documents. Binance refused to answer regulators’ questions about its operations. And even declined the German police’s request to track down fraudsters and scammers, while claiming to welcome regulation. Binance also ignored compliance advisors’ recommendations to avoid customers in countries with money laundering risks.