Crypto Exchange Binance suspends euro deposits via SEPA bank transfers – Exchanges Bitcoin News

The problems with the cryptocurrency exchange Binance continue as the platform is reportedly suspending euro deposits via SEPA bank transfers. Binance says the suspension is temporary and resulted from events beyond its control.

Binance’s problems extend to SEPA transfers

Binance users reported on Tuesday that they had received a notice from the exchange about the suspension of euro deposits via SEPA transfers (Single Euro Payments Area). According to the announcement shared by several people on social media, Binance stated:

Due to events beyond our control, we will temporarily issue EUR deposits via SEPA bank transfer on July 7, 2021 from 8 a.m. UTC. You can still deposit EUR and / or buy cryptocurrencies using credit or debit cards on Binance.

The message goes on to say: “We are working hard to find a solution with our partners and thank you for your patience … In the meantime, payments made via SEPA will be refunded within 7 working days.”

The Financial Times also reported Tuesday on Binance’s suspension of euro bank deposits, citing the exchange’s email to users.

SEPA enables customers to make cashless euro payments by bank transfer and direct debit within the European Union and in a number of non-EU countries.

Binance’s problems have been increasing lately. Several regulators around the world have warned the exchange that they are operating illegally in their countries without proper registration. The Thai Securities and Exchange Commission (SEC) filed a criminal complaint against Binance this week. Cayman Island, the UK and Japan also issued a similar notice.

Following the announcement by the UK Financial Conduct Authority (FCA) that the exchange may not operate without a license in the UK, deposits from the UK Faster Payments network to Binance were suspended.

Several banks in the UK have reportedly stopped sending money to Binance, including Barclays and Natwest. A number of other banks in the country are assessing the situation.

What do you think of Binance suspending euro deposits via SEPA transfers? Let us know in the comment section below.

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