{"id":14325,"date":"2023-09-20T13:45:22","date_gmt":"2023-09-20T13:45:22","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/crypto\/binance-eu-users-face-fiat-withdrawal-issues-whats-going-on\/"},"modified":"2023-09-20T13:45:24","modified_gmt":"2023-09-20T13:45:24","slug":"binance-eu-users-face-fiat-withdrawal-issues-whats-going-on","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=14325","title":{"rendered":"Binance EU Users Face Fiat Withdrawal Issues \u2013\u00a0What’s Going On?"},"content":{"rendered":"
\n

Some\u00a0Binance\u00a0<\/strong>customers in the EU have been blocked from withdrawing euros as part of an early change in the crypto exchange\u2019s regional payments provider looms.<\/p>\n

Several users in the region have been denied access to\u00a0Paysafe<\/strong>, Binance\u2019s European payments partner, ahead of the September 25 deadline, when the payments company is set to end support for the exchange\u2019s customers.<\/p>\n

One user Ervin Ursic has\u00a0reportedly said\u00a0that he\u2019d sent some ether (ETH) to his account on September 12 and sold it for euros, but was unable to withdraw the funds.\u00a0<\/p>\n

Instead, the user faced a pop-up message that his account had been closed early with no prior warning.\u00a0<\/p>\n

\u201cAs a high-frequency Paysafe service user, Paysafe closed your account early to speed up this process. Any remaining EUR\/GBP in your account can be withdrawn once the review is completed,\u201d the message titled \u201cPaysafe Notification\u201d said.<\/p>\n

In a comment to Cryptonews.com, a Binance spokesperson said that Paysafe has put “a very small portion (0.085%) of Binance users with Paysafe accounts in Europe through an earlier closure review.”<\/p>\n

\n

“As a result, Paysafe will delay withdrawals for affected users. Once Paysafe completes their review, affected users should be able to withdraw funds via bank transfer.”<\/p>\n<\/blockquote>\n

The spokesperson added that Binance has offered VIP upgrade vouchers to affected users “in recognition of the inconvenience imposed on our users by Paysafe.”<\/p>\n

In a Friday statement, Paysafe said it \u201ccannot speculate in the media on why this particular customer is unable to make transactions and it is Binance who holds the relationship with the customer not Paysafe.\u201d<\/p>\n

The statement added that Paysafe services for Binance customers \u201care fully operational with our contractual and regulatory obligations.\u201d<\/p>\n

Paysafe Discontinues Deposits and Withdrawals For Binance\u00a0<\/h2>\n

Paysafe facilitated fiat deposits and withdrawals for Binance users in Europe, including through bank transfers within the EU’s Single Euro Payments Area (SEPA).\u00a0<\/p>\n

However, in June, the payments provider announced that is winding down support for its embedded wallet service for Binance’s EU customers following a strategic review.\u00a0<\/p>\n

This decision came after Paysafe had\u00a0already withdrawn support\u00a0for the British pound for new Binance users in May.<\/p>\n

Binance has been under heightened regulatory scrutiny globally since the market turbulence of the previous year.<\/p>\n

Back in June, the\u00a0SEC sued Binance and its CEO\u00a0for their \u201cblatant disregard of the federal securities laws,\u201d unveiling 13 charges against the platform, including operating an unregistered exchange.<\/p>\n

The agency accused Binance of breaking the law by offering unregistered securities to the general public, including its BNB token and BUSD stablecoin.<\/p>\n

Likewise, French authorities conducted a visit to Binance’s office in France last month. They are investigating allegations of illegal provision of digital-asset services and aggravated money laundering.<\/p>\n

The\u00a0exchange was also ordered to cease\u00a0operations in Nigeria by the country’s Securities and Exchange Commission (SEC).<\/p>\n

Binance has also faced regulatory challenges in multiple European countries, such as Belgium and Austria, as it prepares to comply with the EU’s forthcoming Markets in Crypto Assets (MiCA) regulations.<\/p>\n

The regulatory pressure has caused Binance’s\u00a0market share to shrink\u00a0by 25% during the period between February to June.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Some\u00a0Binance\u00a0customers in the EU have been blocked from withdrawing euros as part of an early change in the crypto exchange\u2019s regional payments provider looms. Several users in the region have been denied access to\u00a0Paysafe, Binance\u2019s European payments partner, ahead of the September 25 deadline, when the payments company is set to end support for the […]<\/p>\n","protected":false},"author":1,"featured_media":14326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[35],"tags":[],"class_list":{"0":"post-14325","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"\nBinance EU Users Face Fiat Withdrawal Issues \u2013\u00a0What's Going On? | Prosfunds<\/title>\n<meta name=\"description\" content=\"Some\u00a0Binance\u00a0customers in the EU have been blocked from withdrawing euros as part of an early change in the crypto exchange\u2019s regional payments provider\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=14325\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance EU Users Face Fiat Withdrawal Issues \u2013\u00a0What's Going On? 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