[New post] Binance urges users to convert euros to USDT after Paysafe debank
Crypto Breaking News posted: "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 ac" Crypto Breaking News
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 starting 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 European Union's Single Euro Payments Area (SEPA).
"We are working to integrate new fiat channels onto Binance soon," the bulletin read.
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