Binance, which claims to be the largest crypto exchange that’s being sued by US regulators for a wide range of issues, has now had its European banking partner Paysafe Payment Solutions (NYSE: PSFE) reveal that it will stop offering its embedded wallet solution to the US-based virtual currency exchange. Services will be suspended across the European Economic Area (EEA) from Sept. 25, according to a report from Reuters.
Paysafe told the news outlet:
“Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months.”
Binance will reportedly be switching the service provider for euro deposits as well as withdrawals via the Single Euro Payments Area (SEPA), meanwhile, the present partner — Paysafe — will no longer be offering such services to Binance clients.
Binance usually gains access to the SEPA system through payment intermediaries.
Binance has not yet provided a detailed response to this development.
The update comes as Binance continues to face international scrutiny from regulatory authorities eager to crack down on illicit activities such as money laundering.
Recently, Binance and its US unit entered into a cooperative agreement with the US Securities and Exchange Commission (SEC) in order to make sure that US customer assets stay within the nation until a major lawsuit brought by the regulator is concluded.
Binance had teamed up with Paysafe this past year in order to enable its clients to deposit sterling through Faster Payments, a network that handles payments and bank account transactions in the UK.
