Cryptocurrency exchange Binance announced notching strategic partnerships with multiple new fiat service providers.
Through these collaborations, the platform can now offer a comprehensive range of Euro (EUR) services to its European users.
The Importance of Fiat Partnerships
In a significant move to enhance user accessibility and expand its foothold in the European market, cryptocurrency exchange Binance announced that it has established partnerships with multiple new fiat service providers.
According to a blog post, the company has already commenced migrating users to these new services, which include EUR deposit and withdrawal options via Open Banking and SEPA/SEPA Instant, as well as facilitating the buying and selling of cryptocurrencies through various methods.
Integrating new fiat providers is a strategic move for Binance to advance its mission of global financial empowerment. By ensuring seamless access to fiat-crypto conversions, Binance aims to simplify cryptocurrency adoption, especially for newcomers. These fiat pathways are pivotal in improving user experience and expanding access to Web3 ecosystems.
The blog post also emphasized that fiat services, such as EUR deposits/withdrawals, crypto trading via SEPA/SEPA Instant, bank card transactions, and managing crypto-fiat balances, provide users with the convenience and ease of navigating the crypto world. Moreover, the introduction of EUR spot pairs expands trading opportunities and enhances liquidity within Binance.
Transitioning Away from Paysafe
This announcement follows a recent change in Binance’s euro service provider – Paysafe, which ceased its support for exchange users in September. Although Paysafe had set a clear deadline for this transition, some European users reported difficulties in withdrawing euros from the platform before the former’s exit.
Paysafe had previously facilitated fiat deposits and withdrawals for Binance users across Europe, including bank transfers within the European Union’s Single Euro Payments Area (SEPA).
Paysafe announced its decision to discontinue offering its embedded wallet to Binance’s EU customers in June following a comprehensive “strategic review” of their partnership. This decision came after Paysafe halted support for the British pound for new Binance users in May.
This announcement comes when Binance deals with regulatory challenges, legal actions, and a series of executive departures, including the recent resignation of the CEO of Bifinity UAB, a Binance subsidiary focused on fiat payments based in Lithuania.