Binance Reinstates Euro Payments with New Fiat Partners

After nearly a month of interruption, Binance has restored EUR services for its EU user base.

Changpeng Zhao smiling from behind a fan of 500 euro bills.
Created by Gabor Kovacs from DailyCoin
  • Binance has restored fiat services for EU customers.
  • Users can now buy and sell crypto using EUR.
  • The development to foster adoption among new users.

Binance, the world’s largest crypto exchange by trading volume, has restored euro (EUR) payments, deposits, and withdrawals after striking deals with new fiat partners.

At the end of September, the crypto exchange halted euro services. It urged its European user base to convert their EUR balances into USDT before October 31 following a fallout with financial partner Paysafe.

In the announcement, Binance said it would seek other banking partners to support EUR deposits and services.

Euro Services Restored

On October 19, Binance announced the reopening of its EUR fiat channels, noting that the exchange had signed agreements with several “new regulated and authorized” financial partners to provide fiat services to its community.

Per the announcement, some users have already migrated to the restored services, which include EUR deposits and withdrawals via SEPA/SEPA Instant and Open Banking.

Other fiat services these new financial partners offer include buying and selling crypto via SEPA/SEPA Instant, buying and selling crypto with bank cards, buying and selling crypto with fiat balances, and EUR spot pairs for all users.

While Binance hasn’t secured fiat partnerships to restore British pound (GBP) services for its United Kingdom customers, the exchange underscored the importance of fiat partners in fostering crypto adoption.

“For a centralized exchange, ease of use and growing crypto adoption are principal goals. 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,” the statement read.

Why Crypto Needs Fiat Partners

Fiat partners are crucial players in advancing the adoption of crypto globally. With fiat services, new users can acquire or sell digital assets in an intuitive and familiar experience, opening up the nascent crypto industry for mainstream adoption.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.