Giant crypto exchange Binance has limited withdrawals in Europe, citing payment processor issues. The exchange said the failed withdrawals were due to euro transactions temporarily suspended through the SEPA. In the latest development, Binance has announced that its SEPA deposit and withdrawal service will continue until September 25.
Binance has announced that there is a problem with SEPA transfers!
Cryptocurrency exchange customers are allegedly experiencing problems with fiat withdrawals in Europe due to issues with Single Euro Payments Area (SEPA) transfers. Binance’s customer support wrote in a now-deleted message on X on August 20 that the exchange is suspending euro withdrawals and deposits via SEPA.
In the message, Binance said it does not have a specific time frame to restore SEPA transfers. It also added that the payment provider “can no longer support these transactions.” “We understand the inconvenience this is causing,” Binance said. We are actively working to resolve this as soon as possible.”
The customer expressed his problem
The statement came in response to a Binance user in Europe who claimed to have purchased “a large amount of EUR on Binance” a few days ago. The claiming customer complained that due to the closure of his Paysafe account, he was unable to withdraw euros to his bank account or sell them on Binance. In this context, he said:
According to customer support, there is nothing I can do about it other than wait for Binance to find a new payment provider. Allowing users to buy EUR and then denying them access is something you would expect from scam exchanges, not Binance.
The news comes a few months after Binance notified users that its current euro banking partner Paysafe Payment Solutions will be cutting support for the crypto exchange. At the time, Binance said, “Users will need to update the bank information they use to deposit funds into their Binance accounts. In addition, they may be required to accept new terms and conditions to continue using SEPA services after this date.”
Binance announced that trading will continue until September 25
Meanwhile, Binance has made a statement that the customer support message on X was “sent by mistake”. In this regard, it added that “SEPA deposit and withdrawal service will continue until September 25 as originally announced.”
A Binance spokesperson also stated that as September 25 approaches, “some users may be asked for more information from time to time as part of routine compliance checks, which may lead to premature closure of their accounts.” The spokesperson added that Binance will “provide alternatives for our users before the SEPA service ends.”
Blackouts are not new to the giant crypto exchange!
Binance’s recent withdrawal problems in Europe are not uncommon for the exchange. As you follow on Kriptokoin.com, in May the exchange stopped Bitcoin withdrawals, citing a large backlog in pending withdrawals. Shortly before that, Binance experienced its first withdrawal interruption due to the Bitcoin mempool being clogged. Over 400,000 transactions were stuck on the Blockchain in this outage.
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