Binance limits withdrawals in Europe, cites payment processor issues


Customers of the Binance cryptocurrency trade are allegedly dealing with troubles with fiat withdrawals in Europe attributable to issues associated to Single Euro Payments Area (SEPA) transfers.

The trade has allegedly suspended euro withdrawals and deposits by way of SEPA, Binance’s buyer help wrote in a now-deleted message on X (previously Twitter) on Aug. 20.

In the submit, the cryptocurrency trade mentioned it didn’t have a selected time-frame for restoring SEPA transfers, including that its payment supplier “can no longer support these transactions.”

“We understand the inconvenience this has caused, and we’re actively working to resolve this as soon as possible,” Binance mentioned.

The assertion got here in response to an alleged Binance person in Europe, who claimed to have purchased a “large amount of EUR on Binance” just a few days in the past. The alleged consumer complained about being unable to withdraw the euros to their checking account or promote them on Binance because of the closure of their Paysafe account. They added:

“According to customer support there is nothing I can do about it except waiting for Binance to find a new payment provider. Letting users buy EUR, just to block them from accessing it right afterwards is what you would expect from scam exchanges, not Binance.”

The information comes just a few months after Binance knowledgeable customers that its present euro banking associate, Paysafe Payment Solutions, would discontinue support for the crypto exchange

Related: PayPal UK to halt Bitcoin purchases until early 2024

“Users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date,” Binance mentioned on the time.

In a written response to Cointelegraph, Binance mentioned the client help message on X was “sent in error,” including that the “SEPA deposit and withdrawal service will continue until 25 September as originally communicated.”

In a separate assertion, a Binance spokesperson informed Cointelegraph that as Sept. 25 approaches, “Some users may occasionally be asked for more information as part of routine compliance checks, which could lead to early closure of their accounts.” The spokesperson added that Binance “can have alternate options for our customers in place earlier than the tip of the SEPA service.”

Binance’s current withdrawal-related issues in Europe should not uncommon for the trade. In May, the exchange halted Bitcoin (BTC) withdrawals, citing a big backlog of pending withdrawals. The halt got here someday after Binance skilled its first withdrawal outage amid a clogged Bitcoin mempool, with greater than 400,000 transactions getting stuck on the blockchain.

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