In an effort to fortify its presence in Europe, Binance has entered into strategic partnerships with numerous fiat service providers. This move aims to provide a comprehensive range of Euro (EUR) services to its European users, despite ongoing regulatory challenges. The collaborations are intended to enhance user accessibility and streamline crypto transactions.
The newly integrated services include EUR deposit and withdrawal options via innovative platforms such as Open Banking and SEPA/SEPA Instant. These partnerships align with Binance's vision of global financial empowerment, simplifying crypto adoption and expanding access to Web3 ecosystems. The platform has also introduced EUR spot pairs to amplify trading opportunities and bolster liquidity.
Among the regulated fiat partners Binance has teamed up with are TrueLayer and Nuvei. These partnerships enable EUR payments, deposits, withdrawals, and crypto transactions via the Open Banking and SEPA/SEPA Instant systems. These moves are seen as pivotal for global digital asset adoption.
This strategic shift comes after Paysafe, Binance’s former euro service provider, discontinued its support. This resulted in withdrawal issues for some users. Following a strategic review, Paysafe ceased its embedded wallet for Binance’s EU customers and discontinued British pound support for new users.
In May 2023, amidst legal inquiries from various countries, Binance suspended GBP deposits and withdrawals until a new banking partner was secured. Furthermore, due to licensing issues, Binance ceased operations in Germany, Netherlands, and Cyprus, reducing its European footprint.
These changes occurred alongside the departure of the CEO of Bifinity UAB, a Binance subsidiary in Lithuania focusing on fiat payments. To further enhance user experience amidst these changes, the platform has introduced bank card transactions.
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