Cryptocurrency exchange giant Binance has announced that it has formed partnerships with fiat providers for Euro deposits and withdrawals. This move comes one month after Binance’s important partner Paysafe ended its collaboration with the cryptocurrency exchange for Euro transactions.
In a statement from the cryptocurrency exchange, it was stated, “We have signed agreements with a number of regulated and authorized fiat partners to offer various fiat services to our community. Users have already started to migrate to the new services.”
The services resulting from these partnerships include Euro transactions through Open Banking and SEPA/SEPA Instant, buying and selling cryptocurrencies with bank cards and fiat balances, and buying and selling cryptocurrencies with SEPA/SEPA Instant. “SEPA” or the Single Euro Payments Area covers 36 countries that enable cashless Euro payments in the European Union.
Furthermore, Binance noted the following in its announcement:
Being able to easily convert fiat to cryptocurrency and back to fiat is a crucial part of continuing the global adoption of cryptocurrencies. When there is no easy way to buy or sell cryptocurrencies, new users in this field may find the process of buying or selling cryptocurrencies non-intuitive and intimidating. Offering fiat services provides significant ease of use to all participants in the cryptocurrency ecosystem.
Binance’s Challenges in Europe
Currently, Binance faces regulatory challenges in various European countries, including the United States, Germany, France, and the Netherlands. Binance is experiencing difficulties with its important banking partnerships due to these regulatory issues.
Binance’s new collaborations for Euro come after the cryptocurrency exchange experienced another major setback when the German financial regulator, the Federal Financial Supervisory Authority (BaFin), rejected its application for a custody license during the summer.
