Binance Expands European Influence With New Euro Services Partnership

Amid organizational shifts and regulatory hurdles, Binance is bolstering its European foothold with a fresh Euro services partnership.

What Happened?

Crypto exchange giant, Binance announced that it has signed agreements with new regulated and authorized fiat partners for EUR payments, deposits, and withdrawals, as reported on its blog post.

The new partnerships offer EUR transactions via Open Banking and SEPA/SEPA Instant, and buying and selling crypto with SEPA/SEPA Instant. Users have already started to shift to the new services.

“Being able to easily convert fiat to crypto, and back to fiat again, is a crucial part of advancing the adoption of digital assets globally. Without an easy way to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating,” Binance said in its blog.

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There is no disclosure of the names of the new service providers. However, a Blockworks report cites a Binance spokesperson who said that the company has onboarded partners including fintech firm, TrueLayer, global payment tech company, Nuvei and several card acquirers.

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Paysafe Distancing And Other Challenges

The move comes on the heels of Paysafe PSFE, Binance’s earlier Euro banking partner, ending its relationship with Binance for providing any further operations in September.

Also Read: Binance Shakes Up Its Portfolio: Multiple Trading Pair Delistings, New Additions Unveiled

PaySafe started showing signs of distance in May 2023 when Binance suspended deposits and withdrawals in British pounds until a new banking partner was secured. These signs were reflected as the exchange faced legal inquiries from authorities in the U.K., Japan, Italy, Singapore, Netherlands, Canada and Thailand.

Currently, Binance has halted operations in Germany, Netherlands, and Cyprus amid licensing issues. It has also announced plans to reduce its European footprint and focus on lesser-regulated entities. The exchange is currently surrounded by regulatory challenges, legal actions and some executive departures.

Benzinga’s Future of Digital Assets conference is scheduled in New York on Nov.14. Attend and learn more about exchanges and their fiat partnerships for withdrawals and deposits. The gathering is seen as pivotal for the digital assets’ community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

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