Binance, the world’s leading cryptocurrency exchange, has reportedly halted EUR withdrawals and deposits via SEPA (Single Euro Payments Area) due to issues with a third-party payment facilitator. Although various sources have indicated the temporary suspension, Binance’s official customer support communication clarified that the service will officially cease on September 25, 2023.
On August 19, 2023, Binance’s customer support channel, the X account, informed users about the current hold on SEPA transfers for EUR. The exchange acknowledged the inconvenience and stated that they are actively working to resolve the situation caused by their provider’s inability to support these transactions.
While some users have reported the suspension of the service, Binance’s customer support team clarified that SEPA deposits and withdrawals will continue to function until September 25, 2023. The earlier communication about a complete halt was deemed an error.
Throughout the year, Binance has encountered challenges related to payment intermediaries handling fiat transactions. Their US branch experienced issues with crypto values due to complications with USD withdrawals. Additionally, Binance US and Binance Australia faced disruptions in securing banking partnerships, leading to AUD withdrawals suspension in Australia.
These recent developments highlight the intricacies and challenges involved in maintaining smooth fiat transactions within the cryptocurrency exchange ecosystem.