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Global crypto exchanges are facing intense regulatory scrutiny. Most of its regulatory issues are in Europe
Binance has urged customers in France to convert their fiat currency into crypto on the exchange. This comes after the crypto exchange lost its euro banking partner Paysafe.
As part of the partnership, Paysafe provided Binance France with the infrastructure for euro deposits and withdrawals via SEPA bank transfers. The companies announced the end of their partnership in June. It ended on September 25 and Binance has not yet revealed a new partner.
French radio station BFM, speaking on a Binance Confirmed The exchange recommended that users convert their fiat into cryptocurrency for free as soon as possible. He added:
“Binance is working as quickly as possible to onboard its new partners and will update this in the near future.”
French customers have confirmed that when they open their Binance mobile app, they receive a popup message prompting them to convert their fiat balance to crypto.
Binance customers in Europe began having trouble making fiat withdrawals in late August. The company then announced that it had suspended euro transactions through SEPA Bank because it was not able to support them without a payments provider.
Binance announces exit from Russia amid regulatory pressure
In a press release on Wednesday, September 27, Binance announced that it has reached an agreement to sell its Russian business to ComEx. It added that the companies will collaborate to ensure a smooth transition for users. The exchange will be shutting down all its services and businesses in the country in the new coming months.
Global crypto exchanges are facing intense regulatory scrutiny. Most of its regulatory issues are in Europe. For example, in mid-June, the exchange announced it was exiting the Netherlands. A few days later, Belgian authorities ordered Binance to cease all operations in the country. More recently, it was reported that Binance was being investigated by law enforcement over alleged failure to comply with financial sanctions imposed against Russia.
“As we look to the future, we believe that operations in Russia are not compatible with Binance’s compliance strategy,” Said Noah Pearlman, Chief Compliance Officer at Binance. “We are confident in the long-term growth of the Web3 industry around the world and will focus our energies on the more than 100 countries in which we operate.”
Mercy Mutanya is a tech enthusiast, digital marketer, author and IT Business Management student. She enjoys reading, writing, doing crossword puzzles, and watching her favorite TV series.
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