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Binance (CRYPTO: BUSD) is looking to replace Paysafe (NYSE:PSFE) as its banking partner.
What Happened: The crypto exchange has notified all Paysafe users to convert their EUR balances into Tether (CRYPTO: USDT) by Oct. 31.
The news comes after the global payment solutions company cut the thread from the crypto exchange. It no longer has buying, selling, and trading support on Binance.
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Why It Matters: Binance users will not be able to be involved in EUR Spot trading and any open pending orders will remain cancelled by the exchange.
It has also discontinued Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs. Binance Convert having similar operations to token swap will also be restricted for EUR transactions.
Read Also: Binance.US Nukes Several Trading Pairs Amid SEC Lawsuit: What Crypto Investors Need To Know
However, the withdrawal of EUR balances from their bank accounts will continue. Also, users can purchase crypto using EUR through their credit/debit cards.
Binance publicly disclosed in June that Paysafe, its banking partner for euro deposits and withdrawals, will end its support in September 2023. In May, Paysafe ended GBP support for the exchange.
Other Developments: Among the other challenges that Binance is facing, it also announced an exit from the Netherlands in June. Binance France had advised users to immediately convert all their fiat holdings into crypto.
Binance's Belgium services were also halted, but this week saw the opening of new registrations for the country's consumers.
Read Now: SEC Accuses Binance, Changpeng Zhao Of Deceptive Tactics, Conflicts Of Interest And Evasion Of Law
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