Coinspeaker
Binance Loses Paysafe as EUR Banking Partner amid Regulatory Concerns
Binance, a leading cryptocurrency exchange, has lost its banking partner Paysafe in Europe. Binance partnered with Paysafe in January 2022 after losing Barclays and Santander as banking partners in 2021. Since then, the exchange has been trying to expand its presence and reach in Europe. Consequently, Paysafe’s decision will set back the exchange’s European plans.
Paysafe Is Wary of Regulators
Paysafe and Binance partnered Paysafe owns Skrill and Neteller, two popular e-wallet services that let users deposit and withdraw euros to and from Binance. However, its SEPA services will be unavailable to Binance users in the European Economic Area (EEA) from September 25.
While Paysafe did not give more reasons for its decision, the move comes amid growing regulatory pressure on Binance in many countries, including the UK, Germany, Italy, Japan, and Canada. The exchange also recently ceased its operations i
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