- This is Paysafe
- Binance provided Binance access to the SEPA system
- It is not yet known who the new partner will be
Since September 25, Paysafe Payment Solutions, Binance’s banking partner in Europe, will suspend payment processing in EUR. This may be dictated by sharply increased regulatory pressure on the exchange in the EU.
The changes in the payment processing system are reported by CoinDesk, citing an internal exchange newsletter:
We note that SEPA is a single system of cross-border payments in the Eurozone. It enables smooth financial flows in EUR between jurisdictions in different countries in Europe.
Binance partnered with Paysafe last February. The deal has raised concerns from authorities in the U.K. because it gave an unregulated counterparty access to the payment system.
The appeal states that the platform’s customers may be required to change their payment details. But there’s no hint as to who the new partner will be or what stage of negotiations, if any, they are at.
We reported earlier that European regulators joined the investigation into Binance.. The exchange also announced that it was withdrawing from Cyprus, the Netherlands and Britain. And yesterday it was reported online that the organization’s business in Ireland and Malta could be a network of front companies to conceal illegal activities.