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