As a result of ongoing worldwide regulatory issues, Binance has lost support from its Euro banking partner, Paysafe Payment Solutions. The cryptocurrency exchange platform is now seeking a new service provider to handle euro-based transactions through the Single Euro Payments Area (SEPA). This development follows Paysafe's recent announcement to discontinue its embedded wallet solution for Binance, starting September 25, 2023.
Paysafe stated that following a strategic assessment, they have chosen to stop providing the integrated wallet service to Binance throughout the region. Both Binance and Paysafe are currently devising a plan for a smooth end of this service over the next few months.
The partnership between Paysafe and Binance started in January 2022, facilitating Binance users to perform euro transactions via the SEPA payment network.
In spite of this setback, Binance asserts that other fiat transactions and crypto dealings will continue unaffected.