Euro SEPA Transactions Still Available

Paysafe, Binance’s European banking partner, announced on Monday that euro withdrawals and deposits conducted via the European Union’s (EU) Single Euro Payments Area (SEPA) are still available, despite an erroneous tweet from Binance stating that they were momentarily suspended.

A Paysafe spokesman confirmed to Decrypt that euro transactions via SEPA will be available for Binance customers until September 25.

This deadline was announced in June, when Paysafe announced it would end support for Binance following a “strategic review.” Paysafe stated that the service has been unavailable to new customers since June 25.

“SEPA payment transactions (EUR deposits and withdrawals) will continue to be available until September 25 via Paysafe for existing Binance clients,” a spokesperson said.

Beginning on June 25, the service will no longer be available to new SEPA users.

Earlier today, Binance’s customer support account tweeted that its payments provider could no longer support euro deposits or withdrawals via SEPA. This tweet has since been deleted.

The account stated, “Unfortunately, our provider can no longer facilitate these transactions.” “There is currently no timeline for the restoration of SEPA transfers.”

The September deadline was reaffirmed in a subsequent tweet by Binance’s Turkish customer support account. The account clarified that the posted message “was sent in error.”

The European Payments Council (EPC) established SEPA, a cross-border payments network, as a cost-effective and efficient mechanism for euro payments. Access is granted to countries that are not EU members, including the United Kingdom.

Paysafe, a publicly traded corporation based in the United Kingdom and listed on the New York Stock Exchange under PSFE, specializes in online payment processing.

It also offers embedded digital wallets to businesses. In its second fiscal quarter, Paysafe’s digital wallets segment generated $179 million in revenue.

Binance’s about-face on Twitter regarding euro transactions comes as the world’s largest cryptocurrency exchange navigates increased scrutiny from regulators in several regions, including the United States and European Union members such as France and Germany.

In the United States, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have filed lawsuits against the exchange.

Binance has signaled its intent to defend itself against both lawsuits and has pushed back against claims that include allegations of customer funds being mixed with its own.