Binance has advised users of Paysafe to convert their euro balances into the USDT stablecoin by October 31 and has ceased all purchasing, selling, and trading of this fiat currency from today.
This decision was made due to Paysafe’s refusal to provide deposit processing services to the platform, as announced earlier on September 25.
Binance expressed frustration at this sudden decision from their banking partner. In response, the exchange is currently working on integrating new fiat channels, which is expected to be completed within the next few days.
For now, users can still purchase cryptocurrency with euros using credit or debit cards, and withdraw fiat money to bank accounts.
It is worth noting that on August 16, Binance announced the closure of their fiat-to-crypto platform, Binance Connect, which was launched in March 2022 in collaboration with partners such as Checkout.com and Paysafe.
