This decision comes after a period in which Binance, which also had to end its collaboration with PaySafe in September, began to search for new banking business partners to deal with regulatory difficulties and financing issues in the European Union. Binance indicated that users have already started to switch to services offered by a “range of new regulated and authorized fiat transaction partners”. However, it did not provide detailed information about the companies it collaborated with.

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Binance’s UK Fiat Transaction Woes

In the announcement, it was stated that the fiat services offered by the new partners included EUR deposit and withdrawal transactions through Open Banking and SEPA/SEPA Instant.

Users can buy and sell cryptocurrencies using SEPA (Single Euro Payment Area), bank cards, and fiat balances and can trade with EUR spot pairs. At the end of September, Binance had suggested its European users to convert their euros to Tether by the end of October. However, the latest announcement may show that this process is no longer necessary.

However, even after the announcement, some users continued to have problems depositing euros, while others started asking questions about fiat transaction partners for the British pound in the UK. In May, due to concerns of the UK financial regulators about the partnership, Paysafe withdrew support for transactions in British pounds.

On October 16th, Binance temporarily suspended access to the exchange for new users based in the United Kingdom. This move came after the termination of a partnership with a third party to fulfill the requirement of the country’s financial regulatory body, the Financial Conduct Authority (FCA), to approve communications on its platform.

For now, Binance has not yet established fiat transaction partnerships for the UK exchange, where its users in the UK cannot deposit British pounds.

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