Binance, the largest cryptocurrency exchange by global trading volume, has reportedly temporarily halted euro withdrawals and deposits using SEPA (Single European Payments Area) due to difficulties with a third-party payment broker.
According to an official post from the Binance customer support team, the outage will take effect on September 25, 2023.
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Binance suspends EUR SEPA transactions
On August 19, a customer support channel dedicated to Binance, Branch X, said that SEPA transfers related to EUR are currently on hold.
Hi Jayjay!
SEPA deposit/withdrawal is not currently available and we do not have a set timeline for it to resume.
Since we are working on alternative options, we highly recommend two alternative ways to buy and sell cryptocurrencies.
You can use your Visa card through…
– Binance Customer Support (BinanceHelpDesk) August 14, 2023
The support channel informed users “We would like to inform you that direct bank transfer for Euro currency is currently under maintenance”.
In subsequent messages, Binance notified specific Binance customers of its efforts to remedy the situation.
“Euro withdrawals and deposits using SEPA have been temporarily suspended,” detailed the Binance customer support message.
“We regret that our service providers can no longer support these transactions. We understand the inconvenience this has caused and are actively working to resolve this situation as soon as possible. However, there is currently no set time frame for restoring SEPA transactions.”
Although some have already indicated that the service has already been discontinued, the Binance customer support team has stated that “the SEPA deposit and withdrawal service will continue” until September 25, 2023. It was pointed out that some customer support messages were sent incorrectly.
Over the course of the year, Binance faced several challenges related to payment brokers handling cash transactions.
Binance US, its US subsidiary, has seen variances in the value of cryptocurrency during USD withdrawals.
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Earlier this year, after the collapse of three crypto-friendly banks, it emerged that US-based exchange Binance was having trouble securing a banking partner.
Similar issues arose with Binance Australia when AUD withdrawals were suspended.
source: news.bitcoin.com
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