In a decisive move to restore its European customer base’s faith, Binance has forged new alliances with fiat partners. Consequently, the goal is to ensure the resumption of Euro withdrawals and deposits.
This development surfaces a month after the cessation of Binance’s collaborative efforts with Paysafe, its erstwhile Euro-transition partner.
Binance to Enable Euro Transactions
The newly minted partnerships promise to usher in many fiat services, encapsulating Euro transactions through Open Banking, SEPA, SEPA instant, and crypto trades via bank cards and fiat balances. The term “SEPA” denotes the Single Euro Payments Area, encompassing 36 nations and promoting seamless Euro payments within the European Union.
“We have signed agreements with a number of new regulated and authorized fiat partners to provide a variety of fiat services to our community… Without an easy way to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating,” Binance noted in a press release.
The focal point of these partnerships is to obliterate the barriers new crypto enthusiasts often face, making buying and selling digital assets less daunting experience. Binance asserted that an effortless pathway from fiat to crypto and vice versa is pivotal for global digital asset adoption.
This progressive step follows a series of regulatory roadblocks that Binance encountered in various European territories. Notably, the German financial watchdog, BaFin, rebuffed Binance’s application for a custody license earlier this summer.
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The ongoing turbulence did not end there. A slew of executive exits also marked the exchange’s European journey. The most recent departure was Stéphanie Cabossioras, who vacated her General Manager position at Binance’s French division. Her exit followed a string of high-profile departures, highlighting a pattern of executive disarray amidst legal qualms.
Moreover, Binance’s tryst with regulatory compliance witnessed a new chapter in the United Kingdom. In adherence to the Financial Conduct Authority’s (FCA) fresh directives, Binance curtailed new user registrations, aiming to align with local regulatory frameworks.
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Across the Atlantic, Binance’s American counterpart, Binance.US, faces adversities. Indeed, it halted US dollar withdrawals after a revelation of non-FDIC insured deposits, casting a shadow on its market share.
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