Paysafe halts EUR deposits for Binance, impacts trading activities By Investing.com
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Paysafe Payment Solutions Limited (Paysafe) has stopped processing Euro (EUR) deposits for users of the cryptocurrency exchange platform, Binance. This development took place on Thursday and led Binance to advise its users to convert their EUR balances to USD (USDT) by October 31, 2023. Despite the halt in deposit services, users can still withdraw their EUR balances to banks.
The decision by Paysafe has caused disruptions to several trading activities on the Binance platform. It affects all trading activities involving EUR, including EUR spot trading pairs, Spot Trading Bots services for and EUR/BUSD trading pairs, as well as Auto-Invest EUR plans.
The changes have elicited reactions from the crypto community. Adam Cochran, a critic of Binance, questioned Paysafe’s decision on social media. He noted that Paysafe continues to offer services to high-risk businesses, including those in the crypto sector and rival businesses. Another commenter suggested that the disruption would likely have a minimal impact on Binance users who do not engage with EUR.
The effects of this change on Binance’s operations and its users will become clearer as the October 31 deadline approaches.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Shutterstock
Paysafe Payment Solutions Limited (Paysafe) has stopped processing Euro (EUR) deposits for users of the cryptocurrency exchange platform, Binance. This development took place on Thursday and led Binance to advise its users to convert their EUR balances to USD (USDT) by October 31, 2023. Despite the halt in deposit services, users can still withdraw their EUR balances to banks.
The decision by Paysafe has caused disruptions to several trading activities on the Binance platform. It affects all trading activities involving EUR, including EUR spot trading pairs, Spot Trading Bots services for and EUR/BUSD trading pairs, as well as Auto-Invest EUR plans.
The changes have elicited reactions from the crypto community. Adam Cochran, a critic of Binance, questioned Paysafe’s decision on social media. He noted that Paysafe continues to offer services to high-risk businesses, including those in the crypto sector and rival businesses. Another commenter suggested that the disruption would likely have a minimal impact on Binance users who do not engage with EUR.
The effects of this change on Binance’s operations and its users will become clearer as the October 31 deadline approaches.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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