Binance’s euro services make a comeback after Paysafe setback

Binance has partnered with new entities for euro transactions following the cessation of services by its former fiat collaborator, Paysafe.

Users have already started transitioning to the new services, the company announced on Thursday.

A Binance spokesperson said the exchange has brought on partners including TrueLayer, Nuvei and a number of card acquirers.

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.

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.

They also support buying and selling crypto with bank cards and using fiat balances.

Founded by Changpeng Zhao in Shanghai in 2017, Binance 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.

Paysafe started distancing itself from the exchange 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.

This shift occurred while the exchange was under investigation by US regulators in addition to facing inquiries from authorities in the UK, Japan, Italy, Singapore, Netherlands, Canada and Thailand.

Earlier this year, Binance declared plans to reduce its activities in Europe, concentrating on “fewer regulated entities.” Consequently, the company withdrew from Germany, the Netherlands and Cyprus due to issues with licensing.

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