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“Binance will change its Euro bank transfer deposit and withdrawal (SEPA) service provider. Our current partner, Paysafe, will no longer provide those services to Binance users as of September 25, 2023,” an exchange official said.
SEPA, the Single Euro Payments Area, is the European Union’s integrated cross-border payment network for euro transactions.
“Our users will also need to update the bank details used to deposit funds into their Binance accounts. They may need to accept new terms in order to continue using SEPA services after that date,” the company explained.
The situation with the change of provider comes amid Binance’s problems in the European market – the company faced a negative reaction from financial regulators in Europe and the United States.
“Following the strategic review, we made the decision to stop offering our services to Binance,” Paysafe said.
Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued Binance, Binance.US and CEO Changpeng Zhao for violating several federal securities laws.
The exchange has since announced it is withdrawing from the U.K., the Netherlands and Cyprus, and Belgium’s supervisory authority has ordered it to stop offering cryptocurrency services in the country. In addition, Binance recently withdrew its application for a license from the Austrian financial regulator.