- 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.
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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.
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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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