Binance resumes SEPA withdrawals

Thursday 27 January 2022 15:15 CET | News

Binance has announced it will be rolling out SEPA withdrawals and deposits for the EU and other non-EU countries in due course, following a suspension of SEPA services in July 2021.

Binance will launch a pilot phase on 26 January 2022, at 13:00 UTC in Belgium and Bulgaria. Users participating in the pilot program were selected based on a set of testing criteria. SEPA Withdrawals via bank transfers will also be offered. A user’s identity must be verified to perform a SEPA transfer.

The company will be using UK-based Paysafe as a fiat on ramp for cryptocurrency transactions on SEPA. They will be using SEPA to accept deposits for the foreseeable future, as the company says. Paysafe has confirmed the partnership, which will make use of Paysafe’s digital wallet technology. 

Binance will hope that this partnership will help improve its reputation. It was recently brought to book by Canadian authorities to tell Canadian users that it was permitted to offer trading when it was not licensed to do so. Binance does not have a physical headquarters, although the crypto exchange is in talks with UAE regulators to potentially have one. The company wants to add to its compliance-related positions in a bid to re-launch in the UK in six to twelve months.

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Keywords: Binance, SEPA, cryptocurrency exchange, regulation
Categories: DeFi & Crypto & Web3
Companies: Binance
Countries: World
This article is part of category

DeFi & Crypto & Web3


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