- Binance will lose its banking partner on September 25th
- For some users, this “could lead to early termination of their accounts,” the company warns
- To avoid this closure, you will need to make some changes to your Binance account
Binance had warned, the deadline is approaching. From September 25, the cryptocurrency exchange will lose its European banking partner Paysafe Payment Solutions. Direct consequence for users: it will no longer be possible to deposit or withdraw money via bank transfer (SEPA) in the euro area.
“As this date approaches, some users may occasionally be asked to provide additional information as part of regular compliance checks, which may lead to early termination of their accounts” says a Binance spokesperson at BFM Crypto.
Compliance or closure
To ensure that they keep their Binance account open, users will therefore need to do so comply, at the request of the platform. Then, after September 25, they will have to “update the bank details used to make deposits to their Binance accounts and may be required to agree to new terms to continue using SEPA services” indicated Binance last June.
On Binance, there are two methods to fund your wallet: credit card or SEPA wire transfer. In the first case Binance charges 1 euro transaction fee. In the second, the platform charges fees of 1.8% on the amount withdrawn or deposited. Inevitably, users generally prefer bank transfers, especially when dealing with large sums. From 25 September bank transfers will therefore be impossible.
By September 25, Binance could still find a new partner, but this remains highly unlikely. The platform explains that it has it planned “alternative” for its users by the end of September, but does not provide details.
This setback for Binance in Europe and France comes as the platform is already shaken up in the US. Across the Atlantic, Binance was sued by the US Stock Exchange Policeman.
She is accused of allowing US residents to use the platform when it was not registered with the authorities. What’s worse is that the company is being accused of willfully circumventing American rules “take risks for your customers and investors.”