Binance limits withdrawals in Europe, cites payment processor issues

Binance cryptocurrency exchange clients are presumably facing difficulties with fiat withdrawals in Europe due to problems connected to the Single Euro Payments Area (SEPA) transfers.The exchange has actually allegedly suspended euro withdrawals and deposits by means of SEPA, Binances consumer support composed in a now-deleted message on X (previously Twitter) on Aug. 20. In the now-deleted message, the cryptocurrency exchange said it does not have a specific timespan for restoring SEPA transfers, including that its payment company “can no longer support these deals.”” We comprehend the hassle this has triggered, and were actively working to solve this as soon as possible,” Binance said in a tweet that has actually since been deleted.The declaration came in action to an alleged Binance user in Europe, who declared to have actually purchased a “large quantity of EUR on Binance” a couple of days ago. The alleged client complained about being not able to withdraw the euros to their bank account or offer them on Binance due to the closure of their Paysafe account. The user included:” According to client assistance there is nothing I can do about it other than awaiting Binance to discover a new payment supplier. Letting users purchase EUR, just to obstruct them from accessing it ideal later on is what you would get out of fraud exchanges, not Binance.” The news comes a few months after Binance informed users that its existing euro banking partner, Paysafe Payment Solutions, would discontinue supporting the crypto exchange. Related: PayPal UK to stop Bitcoin purchases up until early 2024″ Users will require to upgrade the banking details used to deposit to their Binance accounts and might be needed to accept new conditions to continue utilizing SEPA services after this date,” Binance said at the time.In a written reaction to Cointelegraph, Binance stated the consumer support message on Twitter/X was “sent in mistake,” adding that the “SEPA deposit and withdrawal service will continue till 25 September as originally communicated.” Binances current withdrawal-related issues in Europe are not rare for the exchange. In May, Binance stopped Bitcoin (BTC) withdrawals, mentioning a large stockpile of pending withdrawals. The stop came one day after Binance experienced its first withdrawal outage amid a stopped up Bitcoin mempool, with more than 400,000 deals getting stuck on the BTC blockchain.Magazine: Blockchain video games arent truly decentralized … but thats about to change

Other Questions People Ask

What are the reasons behind Binance limiting withdrawals in Europe, citing payment processor issues?

Binance has limited withdrawals in Europe primarily due to complications with its payment processor, Paysafe Payment Solutions, which has ceased supporting the exchange. This disruption has led to the suspension of euro withdrawals and deposits via SEPA transfers, causing significant inconvenience for users. The exchange has acknowledged these issues and is actively seeking a new payment provider to restore services.

How long will Binance's withdrawal limits in Europe last due to payment processor issues?

While Binance has not provided a specific timeline for when euro withdrawals will resume, they initially communicated that SEPA services would continue until September 25. The exchange has stated that they are working diligently to resolve the payment processor issues as quickly as possible. Users are encouraged to stay updated through official Binance communications for any changes regarding the situation.

What should users do if they are unable to withdraw euros from Binance in Europe?

If users are facing difficulties withdrawing euros from Binance due to the current payment processor issues, they should first check for any updates from Binance regarding the status of SEPA transfers. Additionally, users may need to update their banking details or accept new terms to continue using the service once it is restored. For immediate concerns, contacting Binance customer support may provide further assistance and clarification.

Are there any alternatives for Binance users in Europe affected by withdrawal limits?

While Binance users in Europe are currently facing withdrawal limits, they may consider alternative methods for accessing their funds, such as trading cryptocurrencies within the platform instead of withdrawing fiat. Users can also explore other exchanges that support euro transactions if they need immediate access to their funds. However, it's crucial to ensure that any alternative platform is reputable and secure before proceeding.

What impact do Binance's withdrawal limits in Europe have on user trust?

The withdrawal limits imposed by Binance due to payment processor issues may significantly impact user trust, as clients expect reliable access to their funds. Complaints from users about being unable to withdraw euros after purchasing them raise concerns about the exchange's operational stability. To regain user confidence, Binance will need to communicate transparently about the resolution of these issues and ensure that similar problems do not occur in the future.