As Paysafe Payment Solutions Limited “unilaterally” decided to stop processing EUR deposits for Binance users, Paysafe users are now “advised to take appropriate actions in advance.”
Paysafe users may “convert EUR balances in their Binance accounts to USDT before 2023-10-31 at 0:00 (UTC).” Meanwhile, users may continue “to withdraw their EUR balances from Binance accounts to their bank accounts.”
The team at Binance, which is being sued by US regulators for a wide range of issues and also dealing with major compliance and operational challenges, wrote in a blog post that the “sudden” decision by Paysafe will “cause a brief interruption to the following services.” Binance added that they “apologize for any inconvenience.”
Starting from September 28, users will “not be able to buy crypto with EUR balances, or sell crypto for EUR balances.” Binance said that you can be “assured that users can continue to buy crypto using EUR with their credit/debit cards.”
Effective from September 28, all Paysafe users will “not be able to trade EUR spot trading pairs.”
These users’ open orders on EUR spot trading pairs “will start to be canceled from 2023-09-28 05:00 (UTC).” Paysafe users are strongly “advised to cancel open orders on EUR spot trading pairs before 2023–09-28 04:00 (UTC).”
Effective from September 28, Binance will also proceed to “terminate Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs for Paysafe users.”
Users are strongly advised “to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses.”
Binance Convert will be “set to EUR reduce only mode from 2023-09-28 04:00 (UTC). Reduce only mode allows users to convert EUR to other crypto through market orders but not the other way around.”
Users may close EUR open limit orders, but “may not open new EUR limit orders thereafter. All Convert EUR open limit orders will be closed automatically from 2023-09-28 05:00 (UTC).”
Binance Auto-Invest EUR plans of Paysafe users “will be paused from 2023-09-28 at 04:00 (UTC), and these users may not be able to subscribe to Auto-Invest plans with EUR thereafter. Note that Auto-Invest EUR services remain usual for other users.”
Binance said that “rest assured all funds are secure, and all other crypto related services remain unaffected.”
The firm added that “putting users first is Binance’s most important principle.”
They are working “to integrate new fiat channels onto Binance soon, as in line with their mission to provide a seamless crypto experience for all users.”
