In an attempt to restore the roadblocks around payments in Europe, Binance has signed new fiat partners to provide EUR services to users in the continent, the crypto exchange announced yesterday (Thursday).
Binance's New EUR Payment Partners
Although the exchange mentioned that it had signed agreements with "a number of new regulated and authorized fiat partners," it did not provide any names.
"Being able to easily convert fiat to crypto, and back to fiat again, is a crucial part of advancing the adoption of digital assets globally," the announcement of Binance stated. "Without an easy way to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating. Offering fiat services provides essential ease of use to all participants in the crypto ecosystem."
Restoring Services
The partnership came after Binance lost Paysafe as its payments partner in Europe.
The crypto exchange tapped the services of Paysafe last year in May to process withdrawals and deposits through the euro and the British pound. However, Paysafe first pulled its services from facilitating GBP payments last May and decided to terminate its deal with the crypto exchange in the following month after a "strategic review."
Paysafe ended all its suppot for Binance on September 25. However, reports revealed that the payments provider blocked many payments for the crypto exchange users even before the full termination of its services.
With the restoration of services around fiat payments, Binance clarified that its European users can again deposit and withdraw EUR via open banking apps and SEPA. It will also continue to offer EUR spot crypto pairs to its users in the continent.
"Having fiat 'on-ramps' and 'off-ramps' is key to a good user experience and enabling access to Web3 ecosystems for new users and crypto natives alike," Binance added.
In the US, too, Binance is facing troubles with its fiat-based services. The local arm of the exchange stopped all USD-based services last June, becoming a crypto-only exchange. However, it partnered with a fiat on-ramp service provider in the US later.
This article was written by Arnab Shome at www.financemagnates.com.
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