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Binance has partnered with new entities for euro transactions following the cessation of services by its former fiat collaborator, Paysafe.<\/p>\n
Users have already started transitioning to the new services, the company announced on Thursday.<\/p>\n
A Binance spokesperson said the exchange has brought on partners including TrueLayer, Nuvei and a number of card acquirers.<\/p>\n
Truelayer is a fintech firm enabling financial transactions through its open banking API platform. Nuvei is a global payment tech company specializing in solutions to enhance and simplify digital transactions worldwide.<\/p>\n
The new partners are providing services like depositing and withdrawing euros through Open Banking and SEPA\/SEPA Instant, as well as trading euros for cryptocurrency, according to a statement<\/a>.<\/p>\n They also support buying and selling crypto with bank cards and using fiat balances.<\/p>\n Founded by Changpeng Zhao<\/a> in Shanghai in 2017, Binance<\/a> has grown to be a prominent player in the crypto arena. But it has garnered considerable scrutiny from regulators, as authorities intensify efforts to combat alleged money laundering activities.<\/p>\n Paysafe started distancing itself from the exchange<\/a> back in May this year. This move compelled Binance to suspend deposits and withdrawals in British pounds until a new banking partner was secured. By September, Paysafe stopped processing euro deposits as well<\/a>.<\/p>\n This shift occurred while the exchange was under investigation by US regulators in addition to facing inquiries from authorities<\/a> in the UK, Japan, Italy, Singapore, Netherlands, Canada and Thailand.<\/p>\n Earlier this year, Binance declared plans to reduce its activities in Europe<\/a>, concentrating on \u201cfewer regulated entities.\u201d Consequently, the company withdrew from Germany, the Netherlands <\/a>and Cyprus due to issues with licensing.<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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