Recently, Binance announced that Paysafe will end support for exchange customers on September 25th. However, some users in Europe started having problems accessing the service before this time. A concerned user reports that when he sent Ether (ETH) to his account and converted it to Euros, he was unable to make a withdrawal…
European Binance users are having problems withdrawing money
A user named Ervin Ursic Kovac shared that he sent some ETH to his account on September 12. The user stated that he tried to convert them into Euro and withdraw them, but he received a warning that his account was closed early. Binance then stated that Paysafe subjected a “very small portion” of users to “early closure review” regarding the issue.
Paysafe said the services for Binance customers are “fully compliant with contractual and regulatory obligations.” On the other hand, he did not make an explanation as to why some accounts were closed early.
Why is Paysafe withdrawing its support?
Paysafe was making fiat deposits and withdrawals easier for users in Europe. In June, the company announced that Binance would stop offering its wallet service to European customers following a “strategic review” of the partnership. Binance has been forced to withdraw due to regulatory issues, particularly in some European countries, while it faces increased regulatory oversight globally.
A Binance spokesperson stated that they are actively working to expedite the return of funds from Paysafe to affected users. However, Ursic Kovac said that Binance caused him direct costs due to ETH price changes.
Early closure reviews
Paysafe will delay withdrawals of targeted users like Ursic Kovac until their accounts are reviewed, an exchange spokesperson said in an emailed statement. It also added that approximately 0.085% of Binance users with Paysafe accounts in Europe were affected.
Nothing changed in the week that followed, Ursic Kovac said in an email on Monday. “The worst part (besides not being able to control my own assets) is of course the price changes of ETH. Because I can’t get it back, Binance is directly costing me money,” he said. Binance said it was “very disappointed” with Paysafe’s brief notice to temporarily block some users.
As you follow from Kriptokoin.com, Binance will be busy with the SEC case this week. Hearings began this week in the SEC case, which dates back to June. However, problems with withdrawal requests in the EU fueled concerns again. The exchange says it is “very disappointed” with Paysafe’s brief notice to temporarily block some users:
We are actively working to expedite the return of funds to all users affected by Paysafe. Once Paysafe notifies us that the reviews are complete, we will immediately notify users via the Binance app with a follow-up email.
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