Binance has announced that its current EUR banking partner, Paysafe Payment Solutions Limited, will no longer be providing services to the crypto exchange after September 25. A spokesperson for the exchange told journalists in an email, “At that time, our users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.” SEPA, or Single Euro Payments Area, is the European Union’s integrated, cross-border payment network for euro transactions.
The news comes as Binance has faced backlash from financial regulators in Europe and the U.S. Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued Binance, Binance.US, and CEO Changpeng “CZ” Zhao for violating multiple federal securities laws. The exchange has since announced a retreat from the United Kingdom, the Netherlands, and Cyprus, while Belgium’s market watchdog ordered Binance to halt offering crypto services in the country. In February 2022, the U.K.’s financial regulator expressed concern over Binance gaining access to the country’s primary payments network after the exchange secured a deal with Paysafe.