According to rumors circulating on social media, Binance is currently struggling to meet trading orders in the EUR pair. The allegations in question came as a comment to former SEC executive John Reed Stark, who spoke from the X account recently.
Binance is having a hard time in Europe
John Reed Stark brought up the problems that European users are currently experiencing with Binance. In its statements, Binance used sarcastic language while suspending fiat withdrawals for customers in the Eurozone. Emphasizing that the problems are big, Stark says that the leading stock market should be more tightly controlled.
In a post on August 21, Stark stated that the SEC and FINRA should quickly send teams of auditors to review Binance’s suspension of fiat withdrawals. He also sarcastically spoke of the lack of registration of Binance in the Eurozone…
Disturbing. The SEC and FINRA should immediately send a team of auditors, inspectors and examiners to investigate what happened and, if appropriate, refer the matter to the SEC Enforcement Division or even DOJ. Oh wait, Binance is not registered. Never mind. Caveat Emptor. https://t.co/CMoCw4OZ5h
— John Reed Stark (@JohnReedStark) August 21, 2023
Here are the former US SEC enforcement chief’s thoughts on Binance:
Disturbing. The SEC and FINRA should immediately send a team of auditors, investigators and investigators to investigate what happened and refer the matter to the SEC Enforcement Division or even the Department of Justice, if appropriate.
‘Binance can’t pay’
John Reed Stark, citing a response from Binance customer support to a customer, noted that Binance has suspended Euro withdrawals through SEPA (Single European Payments Area). He also stated that there is no specific time frame on this issue. He also noted that Binance’s partner Paysafe has allowed customers to transfer fiat money with SEPA until September 25, but the exchange has instantly frozen “high-frequency” users.
In this process, customers are advised to use alternative methods such as Visa cards or P2P services. Binance had deregistered in the Netherlands, Germany and Austria, including many countries in Europe. The MiCA regulation ensures that crypto exchanges have the right to operate in all Eurozone countries if they get approval from one country.
“The situation is much more serious”
Finally, according to community members, Binance and its situation in Europe are quite worrying. At this point, @CryptoHODLk said, “This is very serious. EUR FULLY FROZEN. Some users (especially those with large amounts of EUR) are unable to trade. They can’t even buy crypto with their EUR. This is called ongoing bankruptcy.” he wrote. The above statements by John Reed Stark are currently rife with numerous complaints about Binance. As Kriptokoin.com, we will be conveying the details of the development from this page.
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