The problems with the cryptocurrency exchange Binance continue, and it is reported that the platform is now suspending euro deposits via SEPA bank transfers. Binance stated that the suspension was temporary and was caused by events beyond its control.
Binance’s trouble extends to SEPA transfers
Binance users reported on Tuesday that they had received a notice from the exchange regarding the suspension of euro deposits transferred through the Single Euro Payments Area (SEPA). Based on notifications shared by several people on social media, Binance explained:
Due to events beyond our control, we will suspend Euro deposits via SEPA bank transfer from July 7, 2021 at 8 am UTC. You can still deposit Euros and/or buy cryptocurrency via the credit or debit card on Binance.
The notice continued: “We are working hard to find a solution with our partners, thank you for your patience… and any deposits attempted through SEPA will be refunded within 7 working days.”
The Financial Times also quoted an email sent to users by the exchange, reporting on Binance’s suspension of bank deposits in euros on Tuesday.
SEPA allows customers to make cashless Euro payments anywhere in the European Union and some non-EU countries through credit card transfers and direct debits.
Binance’s troubles have been increasing recently. Some regulators around the world have issued warnings to exchanges that they are operating illegally in their countries without proper registration. The Securities and Exchange Commission of Thailand (SEC) filed a criminal case against Binance this week. Cayman, the United Kingdom and Japan have also issued similar notices.
After the British Financial Conduct Authority (FCA) issued a notice prohibiting the exchange from operating in the United Kingdom without permission, the British Faster Payments network’s deposits to Binance were suspended.
According to reports, several banks in the UK have stopped transferring money to Binance, including Barclays Bank and Natwest. Many other banks in the country are evaluating the situation.
What do you think about Binance’s suspension of Euro deposits through SEPA transfers? Let us know in the comments section below.
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