Binance urges users to convert Euros to USDT after Paysafe debank

Crypto exchange Binance has urged users to convert their Euros into Tether (USDT) before the end of October, after losing the support of its banking partner.

On Sept. 28, Binance urged European Paysafe users to convert their EUR balances in their Binance accounts to USDT before Oct. 31, noting that Paysafe has “unilaterally decided to stop processing EUR deposits for Binance users.”

Binance however noted that users may continue to withdraw their EUR balances from Binance accounts to their bank accounts.

“Paysafe users are advised to take appropriate actions in advance.”

The firm said that Paysafe users will no longer be able to trade EUR spot trading pairs from Sept. 28 at 4:00 am UTC and open orders will be canceled an hour later. Binance Convert, which operates like a token swap, will also be restricted for EUR transactions.

Screenshot of the Binance announcement for Paysafe users. Source: Binance

Paysafe suspended Euro deposits on Sept. 25. The firm had previously facilitated fiat deposits and withdrawals for Binance users in Europe, including via bank transfer in the EU’s Single Euro Payments Area (SEPA).

“We are working to integrate new fiat channels onto Binance soon,” the bulletin read.

@binance has Euro been delisted? Why can’t I find deposit option for Eur? Or to spot trade?#crypto #CryptoCommunity

— Hafijul I. Sayeed (@O2brandings) September 28, 2023

On Sept. 27, Cointelegraph reported that Binance France suggested its customers immediately convert all their fiat holdings into crypto.

Related: Binance limits withdrawals in Europe, cites payment processor issues

The move is the latest to add to Binance’s regulatory and debanking woes in the West.

Paysafe also pulled support for GBP transactions in May following concerns raised by U.K. financial regulators over the partnership.

In June, Binance announced its departure from the Netherlands and within a week officials in Belgium ordered the exchange to halt its services. However, on Sept. 26, it announced that new registrations from Belgian residents had reopened.

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