Binance Suspends Euro Deposits through Bank Transfer amid Regulatory Issues
Binance cryptocurrency exchange has said that they are “temporarily suspending EUR deposits via SEPA Bank Transfers from 8 am UTC on July 7, 2021”. They were reportedly forced to undertake such a decision due to events beyond their control, especially the regulatory constraints Binance is facing currently.
As per an email sent to its customers on Tuesday, the popular cryptocurrency exchange told them that they are temporarily halting only bank transfers denominated in Euros (especially through SEPA or Single Europe Payments Area). However, the customers of Binance can still fund their accounts with the help of their credit or debit cards.
The decision of halting bank transfers in EUR for Binance customers came a day after Barclays (a British financial giant) announced that they would no longer facilitate customer payments to Binance. Their decision came after financial regulators warned users that the Binance crypto exchange is operating in the UK without proper licensing.
In an interview, a Binance spokesperson said:
“We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events.”
Last month, Binance had told its customers that due to growing regulatory scrutiny in the UK, they will not be able to use the popular Faster Payments on-ramp for withdrawing British Pounds from the cryptocurrency exchange. Binance, the largest crypto exchange in the world with more than US$15.8 billion worth of transactions, is facing regulatory backlash not only from the United Kingdom but also from other countries such as United States, Canada, and Japan. Coinbase, the largest cryptocurrency exchange in the US, processes just over US$2.2 billion in trades, making it a distant second behind Binance.