Binance Begins EUR And GBP Withdrawals And Deposits Through SEPA And Faster Payments

The cryptocurrency exchange has fully resumed the withdrawal and deposit of EUR and GBP via the SEPA payment network and Faster Payment Services.

SEPA And FPS Resumes On Binance

Binance, a cryptocurrency exchange announced Monday that at 11:00 a.m. UTC for both desktop and app:

“Binance and Paysafe will fully reopen EUR and GBP deposits and withdrawals respectively via the SEPA payment network (SEPA) and Faster Payments Services (FPS).”

Until March 31 at 11:59 p.m. UTC, Binance is “giving all verified customers free fees for depositing EUR via SEPA and GBP via FPS” to “celebrate the reintroduction of SEPA and FPS,” as stated in the statement.

In July of last year, the exchange temporarily halted deposits in EUR via SEPA bank transfers. It was revealed on Jan. 26 that the exchange had partnered with Paysafe to bring back SEPA. The two companies have started a trial program for SEPA-based deposits and withdrawals of Euros.

The Financial Conduct Authority (FCA), the British financial regulator, warned the crypto exchange in July of last year that the company was not permitted to engage in any regulated activity in the United Kingdom.

“Clear Junction,” the company that handles GBP payments for the exchange claimed it “would no longer be handling payments relating to Binance.”

In August of last year, the FCA announced that the exchange had met its requirements. Also, the regulator noted that Binance “signed an undertaking that it would not offer any crypto-asset activities unless and until either it was registered or the authority informed the firm that it could avail itself of the transitional provisions in the MLRs [Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017].”