Paysafe pulls the plug on Binance’s euro on-ramp

The decision to stop processing deposits for Binance’s users appears to have caught the exchange off guard, despite months in advance its payment provider intended to end support

article-image

Postmodern Studio/Shutterstock, modified by Blockworks

share

Binance revealed Wednesday payment solutions provider, Paysafe, has “unilaterally” ceased processing EUR deposits for its users, following through on its announcement earlier this year to pull support for the embattled exchange.

The decision has triggered a cascade of changes in Binance’s service offerings for Paysafe users, affecting everything from spot trading to auto-invest plans.

Beginning Thursday at 04:00 UTC, Binance’s Paysafe users will also no longer be able to buy or sell crypto with euros. In addition, the exchange is canceling all open orders on EUR spot trading pairs related to the payment provider.

Binance is advising its customers to either convert their EUR balances to USDT by Oct. 31 or withdraw them to their bank accounts. 

For months, Binance had reportedly been aware of Paysafe’s intentions that it would discontinue EUR deposits and withdrawals via bank transfer for Binance users starting Sept. 25.

An orderly and fair process to end Paysafe’s service to Binance was planned over a series of months, beginning at the end of June, though the exchange’s language on Wednesday appears to indicate it has been caught off guard.

“The sudden and inexplicable decision by Paysafe will cause a brief interruption to the following services,” Binance said in a statement. “We apologize for any inconvenience.”

A spokesperson for the exchange did not immediately return Blockworks’ request for comment.

Paysafe began stepping away from the exchange as early as May this year, forcing Binance to end deposits and withdrawals denominated in the British pound until it found a new banking partner. 

The developments came as the exchange faced several probes from US regulators and authorities, as well as several countries’ decisions to terminate its license to operate across multiple jurisdictions.

The suspension Thursday also impacts automated trading services for certain euro-based trading pairs, as well as a feature called “Convert,” which, as of now, only allows selling but not buying euros, Binance said. Investment plans in euros will be halted for Paysafe users at the same time.

The exchange said it was “working to integrate new fiat channels onto Binance soon.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

The convergence of DePIN and energy generation aims to address modern grid challenges by incentivizing distributed generation.

article-image

However, they noted there’s now an increased risk that unemployment and inflation will rise in the coming months. 

article-image

The network’s most ambitious upgrade since the Merge brings validator streamlining, smart account UX and doubled blobspace to Ethereum

article-image

Debate over extra Bitcoin use cases has returned, two years on from Ordinals

article-image

Altcoin season may be on a permanent pause as the market matures and paths grow more selective

article-image

Today’s blockchains are more like nervous systems without a brain — wiring without will

article-image

A number of blockchains make use of the Solana Virtual Machine