Binance's European banking partner to withdraw support: CoinDesk

Binance

Binance’s European banking partner Paysafe Payment Solutions Ltd will stop supporting the U.S. cryptocurrency exchange from Sept. 25, CoinDesk reported on Wednesday.

The crypto exchange will be changing the provider for euro deposits and withdrawals through the Single Euro Payments Area (SEPA), while the current partner — Paysafe — will no longer be providing these services to Binance users, the report said, citing Binance’s spokesperson.

Binance typically accesses SEPA via payment intermediaries.

Paysafe and Binance did not immediately respond to a Reuters request for comment.

The report comes as Binance faces scrutiny from regulators keen to clamp down on money laundering.

Earlier this month, Binance and its U.S. affiliate had entered an agreement with the Securities and Exchange Commission to ensure U.S. customer assets remain within the country until a sweeping lawsuit filed by the regulatory agency is resolved.

Binance had tied up with Paysafe last year so that its users could deposit sterling via Faster Payments, a network that oversees payments and bank account transfers in Britain.

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)