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Binance is currently in the process of finding a partner to handle fiat transactions in the UK, as British users are still unable to make GBP deposits.
Leading global cryptocurrency exchange Binance New fiat partners have been successfully onboarded to facilitate euro transactions after services were halted earlier this year due to regulatory challenges.
in an officer Announcement On October 19, the exchange said it had finalized agreements with new fiat partners to manage euro payments, deposits and withdrawals.
Binance Reopens Euro Deposits and Withdrawals
The announcement comes after the company’s former payments partner PaySafe End Their one-year partnership with Binance ended earlier this year due to regulatory concerns.
The termination stemmed from regulatory concerns in the United Kingdom regarding the company’s collaboration with Binance, disrupting the exchange’s spot trading and auto-investing services.
At the time, Binance customers were requested to convert their fiat into a stablecoin such as Tether (USDT).
However, customers no longer need to convert their assets into USDT as the company has secured new partnerships with several payment companies.
According to the announcement, customers can now return to buying and selling cryptocurrencies in Euros through new partners that provide services that enable users to deposit and withdraw Euros via Open Banking and SEPA/SEPA Instant.
Additionally, users can buy and sell digital assets using SEPA, bank cards, and their fiat balances, along with the ability to trade in EUR spot pairs.
While the company failed to disclose the identity of the new payment partners, Binance confirmed that the companies are fully “regulated and authorized” to facilitate euro transactions.
Binance also said that users have begun to migrate to new services provided by fiat partners.
British users unable to make fiat transactions
Meanwhile some customers informed of X (formerly Twitter) said that even after the announcement they were having trouble depositing euros on the platform. Additionally, another user queried Which companies did Binance partner with to handle British pound transactions in the UK?
Recall that Paysafe stopped supporting British pound transactions in May due to concerns raised by financial regulators in the country.
Earlier this week, Binance stopped allowing new UK users to access its exchange. The company stopped accepting new users from the region after ending its partnership with the third party responsible for clearing communications on its platform in compliance with new local rules from the country’s watchdog, the Financial Conduct Authority (FCA).
Binance is currently in the process of finding a partner to handle fiat transactions in the UK, as British users are still unable to deposit GBP on the UK exchange.
Chimamanda is a crypto enthusiast and experienced writer who focuses on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed her interest in emerging economies. She combines her passion for blockchain technology with her love for travel and food, bringing a new and fascinating perspective to her work.
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