Binance, one of the world’s largest cryptocurrency exchanges, has temporarily suspended payments in euro on its platform. The move comes after a series of new EU regulations that are designed to protect customers. (Binance is headquartered in Malta, an EU member state.)
Binance, a cryptocurrency exchange based in Hong Kong, has announced that it will temporarily suspend Euro payments for all users of the platform. This move will occur for a period of 4 weeks beginning from September 20th, 2018.
Binance is temporarily suspending Euro deposits and withdrawals in response to the recent European Commission’s directive to the financial sector. The new rules require cryptocurrency exchanges and payment service providers to identify customers and ensure that they are not associated with terrorism or money laundering, and that they don’t use their platforms to commit crimes.. Read more about is binance.us safe and let us know what you think.
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News from the Exchange
Binance, the biggest cryptocurrency exchange in the world, has temporarily halted payments via the EU’s Single Euro Payments Area (SEPA) network.
Payments from the SEPA Network have been halted by Binance.
Binance is a decentralized crypto exchange in the world. The trademark of Binance “Buy & sell Crypto in minutes” attract large number of users to its network. Moreover the decentralized network supports the users to trade from anywhere and anytime.
Many customers use Binance for all forms of payment since it is a convenient trading platform. Furthermore, Binance in Euro has momentarily halted all payments through the SEPA network. In Europe, the SEPA is a significant payment network.
Users of Binance also got an email informing them of the payment suspension. It prevents money from being deposited via the SEPA network for the time being. The reason for this shift is due to “events beyond our control,” according to the exchange. In addition, the exchange has been experiencing European headwinds for the last two weeks, according to the report. As a result, the team is working with the partners to find a suitable solution to the problem.
Furthermore, according to Binance,
“Any SEPA deposits made in the meantime will be returned to the account within 7 working days. This ban has no impact on SEPA withdrawals.”
Customers on the SEPA network may now send cashless euro payments to any EU country as well as non-EU nations. SEPA payments are quick, secure, and efficient. By preserving impartial standards for all member nations, SEPA’s network payment system is competitive with the European economy.
Binance also shut down the UK’s speedier payment network on June 28th. Because it was down for maintenance, customers were only able to deposit and withdraw pounds via quicker payments.
As a result, the Financial Conduct Authority (FCA) of the United Kingdom has barred Binance from engaging in any regulated operations in the nation.
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Frequently Asked Questions
Does Binance support SEPA?
Binance does not support SEPA.
How long does a SEPA transfer take Binance?
A SEPA transfer takes about 2-3 days.
Can I withdraw euro from Binance?
Yes, you can withdraw euro from Binance.
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