Reports suggesting suspension of Euro deposits at Binance confirmed as the firm said it had been forced to take such measures because the consequences are beyond its control. Informs that the Euro deposits will be back soon but in the meantime, customers would have to face temporary suspension.
Binance continues to go deep into the sea and at a drowning level when UK’s financial watchdog suspends its trading business in the UK. Similar actions were entailed in other jurisdictions as well against Binance, particularly in the European region.
However, recently, a news item concerning Binance started to surface which suggested that the firm has suspended deposits in Euro currency. Initially, it was thought that the news item was based on a rumor but now it has been confirmed.
Reportedly, the firm has suspended all deposits made in the Euro currency which were to be wired from SEPA Bank. It was confirmed by some of the customers of Binance who were reportedly sent the notices of suspension of Euro deposits. Later on, a snapshot of the notice was also posted by someone in social media speaking on behalf of Binance.
It was noted in the published notice that due to some unavoidable circumstances, Binance has had to suspend Euro deposits wired from SEPA. However, the suspension is on a temporary basis and will be put back online in the due course, said Binance in the notice. It was further clarified that the deposit of Euro through debit or credit cards is still functional at Binance’s trading platform. However, the SEPA-backed debit and credit cards have been excluded for the time being.
The firm also pointed out that its technical staff is trying to resolve the issue. During this time, Euro deposits will not be accepted and will be subject to return after a period of 7 days, said Binance.
The story of the suspension of the Euro at Binance was also covered by Financial Times. The news agency also quoted that Binance’s customers from the European region were sent notices of suspension.
SEPA is a payment network that allows users to transact Euro without the need to send hard cash. Instead, the payments can be transferred directly with the help of SEPA-supported debit or credit cards. The services of SEPA are actively utilized by consumers from the European Region. However, SEPA also renders cashless Euro transfer services to even those consumers which are non-EU based. A number of non-European countries have been utilizing the services of SEPA for transacting Euro electronically.
Apparently, Binance has been facing difficulties with regard to its business in various countries including UK, Thailand, etc. Recently, the regulator of Thailand has also instituted Binance in criminal proceedings. While the UK watchdog has ordered the suspension of Binance’s crypto trade services in the UK.