Crypto exchange Binance has announced it has onboarded new partners to handle euro deposits and withdrawals, one month after losing its previous fiat partner, PaySafe, in September.
In an Oct. 19 statement, Binance announced it had signed agreements with new fiat partners for euro payments, deposits and withdrawals.
The move follows regulatory and debanking woes in the European Union, where the firm was forced to look for new banking partners after losing support from PaySafe in September.
Binance said users have already started migrating to the new services provided by “a number of new regulated and authorized fiat partners.” It did not specify which firms it had partnered with, however.
More EUR fiat channels have arrived on #Binance— Binance (@binance) October 19, 2023
We’re proud to announce that we’ve entered into agreements with multiple new EUR partners to provide deposit, withdrawal, and payment services, making your experience even more seamless.
Find out more https://t.co/jKh2QxH3sN
The announcement noted that fiat services offered by the new partners include euro deposits and withdrawals via Open Banking and SEPA/SEPA Instant.
Users can also buy and sell crypto using the Single Euro Payments Area (SEPA), bank cards and fiat balances, and trade euro spot pairs.
Paysafe pulled support for transactions in British pounds in May following concerns raised by U.K. financial regulators over the partnership.
On Oct. 16, Binance suspended access to its exchange for new users based in the United Kingdom. The move followed the termination of a partnership with a third party to approve communications on its platform under new local rules by the country’s watchdog, the Financial Conduct Authority (FCA).
Binance has yet to source fiat partnerships for its U.K. exchange, where British users are still unable to deposit pounds.
Cointelegraph contacted Binance for more specifics but did not receive an immediate response.