Binance’s euro services make a comeback after Paysafe setback

Binance has partnered with new entities for euro transactions following the cessation of services by its former fiat collaborator, Paysafe.

Users have already started transitioning to the new services, the company announced on Thursday.

A Binance spokesperson said the exchange has brought on partners including TrueLayer, Nuvei and a number of card acquirers.

Truelayer is a fintech firm enabling financial transactions through its open banking API platform. Nuvei is a global payment tech company specializing in solutions to enhance and simplify digital transactions worldwide.

The new partners are providing services like depositing and withdrawing euros through Open Banking and SEPA/SEPA Instant, as well as trading euros for cryptocurrency, according to a statement.

They also support buying and selling crypto with bank cards and using fiat balances.

Founded by Changpeng Zhao in Shanghai in 2017, Binance has grown to be a prominent player in the crypto arena. But it has garnered considerable scrutiny from regulators, as authorities intensify efforts to combat alleged money laundering activities.

Paysafe started distancing itself from the exchange back in May this year. This move compelled Binance to suspend deposits and withdrawals in British pounds until a new banking partner was secured. By September, Paysafe stopped processing euro deposits as well.

This shift occurred while the exchange was under investigation by US regulators in addition to facing inquiries from authorities in the UK, Japan, Italy, Singapore, Netherlands, Canada and Thailand.

Earlier this year, Binance declared plans to reduce its activities in Europe, concentrating on “fewer regulated entities.” Consequently, the company withdrew from Germany, the Netherlands and Cyprus due to issues with licensing.

---

Get the news in your inbox. Explore Blockworks newsletters:

• Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
• Empire: Start your morning with the top news and analysis to inform your day in crypto.
• Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
• 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
• Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
• The Drop: For crypto collectors and traders, covering apps, games, memes and more.
• Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.