After losing its euro banking partner, Paysafe, Binance France has suggested to its customers that they promptly convert all fiat currency they hold on the exchange into cryptocurrency, according to comments made to local media by an executive.
The partnership between Paysafe and Binance France ended on September 25. The latter provided infrastructure for euro deposits and withdrawals via SEPA bank transactions for Binance’s French subsidiary.
The termination of the partnership was announced at the end of June, but Binance France has not yet located a replacement.
On Sept. 26, the company’s spokesperson confirmed to a French radio station, BFM that at the moment, Binance France recommends users convert their fiat balances to cryptocurrencies for free as soon as possible.
“Binance is working as quickly as possible to onboard its new partners and will have an update in the very near future.”
As reported by users, a window with a suggestion to convert the fiat balance into crypto pops up automatically when they turn on the mobile application.
In Europe, Binance customers had already encountered withdrawal difficulties by the end of August. The company disclosed at the time that it had suspended euro withdrawals and deposits via SEPA because it was unable to support them without a payment provider.
Binance, which has fallen under scrutiny from law enforcement for allegedly failing to comply with financial sanctions against Russia, has been dealing with ongoing regulatory issues in Europe for several months.
The exchange announced its departure from the Netherlands on June 16. A week later, Belgian officials also ordered the exchange to cease all operations.
The company announced its entire exit from Russia on September 27 by selling its firm to CommEX, a newly launched cryptocurrency exchange business.