Crypto exchange Binance urged users to convert their Euro balances to USDT before Oct. 10, following an abrupt disruption of service from payments firm Paysafe.
In an update on its website, Binance said Paysafe had unilaterally decided to stop processing Euro deposits for its users.
“The sudden and inexplicable decision by Paysafe will cause a brief interruption to the following services. We apologize for any inconvenience,” read the statement posted on the crypto exchange’s website.
The team also noted that it was “working to integrate new fiat channels onto Binance soon.”
Starting on Oct. 9, users will no longer be able to buy or sell crypto with Euros, or trade spot trading pairs against the Euro. All spot trading bot services using EUR/USDT or EUR/BUSD will be terminated for Paysafe users.
Although the measures are not expected to take effect for another ten days, some users reported that their Paysafe accounts on Binance had been closed since mid-August.
pls lmk if you find a solution, I have the same issue.
— Anonym (@AnonymHodler) September 28, 2023
— Hafijul I. Sayeed (@O2brandings) September 28, 2023
Paysafe is a payments platform similar to PayPal that facilitates payments processing, digital wallets and online cash solutions for businesses. The platform allows users to perform online transactions without a bank account or credit card.
Although the firm terminated its partnership with Binance on Sept. 25, according to a report from French publication BFM, the crypto exchange is said to have worked out a temporary extension to allow its users to convert their Euro balances to crypto.