Paysafe Payment Solutions Limited has made the “unilateral” decision to stop processing EUR deposits for Binance users. This move has prompted Paysafe users to take appropriate actions in advance. In order to mitigate the impact of this decision, Paysafe users are advised to convert their EUR balances in their Binance accounts to USDT before October 31, 2023, at 0:00 (UTC). However, users can still withdraw their EUR balances from Binance accounts to their bank accounts.
Binance, which is currently facing legal action from US regulators and dealing with compliance and operational challenges, acknowledged the sudden nature of Paysafe’s decision in a blog post. Binance also expressed regret for any inconvenience caused by this disruption to their services.
As of September 28, users will no longer be able to buy or sell crypto using EUR balances. Fortunately, users can still buy crypto using EUR with their credit/debit cards. Paysafe users will also be unable to trade EUR spot trading pairs, and any open orders on these pairs will start to be canceled from September 28, 2023, at 05:00 (UTC). It is strongly recommended that users cancel any open orders on EUR spot trading pairs before September 28, 2023, at 04:00 (UTC).
Furthermore, Binance will terminate Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs for Paysafe users starting from September 28. Users are advised to update and/or cancel their Spot Trading Bots to prevent any potential losses. Binance Convert will also be set to EUR reduce only mode, allowing users to convert EUR to other crypto through market orders, but not the other way around, starting from September 28, 2023, at 04:00 (UTC). Users can close EUR open limit orders but will not be able to open new EUR limit orders thereafter. All Convert EUR open limit orders will be automatically closed from September 28, 2023, at 05:00 (UTC).
Paysafe users’ Binance Auto-Invest EUR plans will be paused from September 28, 2023, at 04:00 (UTC), and these users may not be able to subscribe to Auto-Invest plans with EUR thereafter. However, Auto-Invest EUR services will remain unaffected for other users.
Binance reassures users that all funds are secure, and all other crypto-related services remain unaffected. The company emphasizes that putting users first is its top priority. They are actively working to integrate new fiat channels onto Binance to provide a seamless crypto experience for all users in the near future.
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