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The top trading platform Binance continues to encounter global regulatory challenges. The Securities & Exchange Commission sued the exchange for violating investment laws early in June. You can read more about the firm’s recent developments here.
Meanwhile, the latest updates had the exchange losing its European banking partner, PaySafe Solutions, which revealed it would halt wallet solution services from 25 September.
Meanwhile, Binance will introduce updates solutions for its users. Following the deadline, participants would use new banking information when depositing EUR into Binance’s fiat wallet. That will include new terms & conditions that users should accept.
Binance to change EUR transactions provider
Paysafe’s withdrawal will force the exchange to switch Euro deposit & withdrawal provider. Binance is yet to confirm its potential collaborator. Moreover, the firm stated that the latest development would only affect euro transfers that Paysafe offer and not other fiat transactions.
Binance joined forces with Paysafe in 2022 to allow its customers to use Faster Payments when depositing British pounds. Faster Payment network manages bank account transfers and payments in the United Kingdom.
Binance and Binance US signed a deal with the Securities & Exchange Commission on June 17. The agreement blocked the regulator’s proposal to freeze or introduce a restraining order for the exchange’s US assets.
Binance’s global regulatory heat
Binance has suffered global regulatory woes since SEC’s suit early this month. In April, the exchange suspended its offerings in Australia due to a lack of payment providers. The Australian Securities & Exchange Commission suspended Binance’s certificate.
Binance left the Canadian market, and Changpeng Zhao revealed the exchange failed to satisfy regulators. Moreover, banking and regulatory woes saw the company quitting the Dutch market.
Crypto players believe Binance could be losing its market share in the crypto space. For instance, the exchange has failed to acquire the Virtual Asset Service Provider in several jurisdictions. Individuals questioned its application procedure after Crypto.com secured VASP to operate in Spain.
Also, the latest updates indicate German regulators have denied Binance’s crypto custody certificate application.
The post Binance loses key European banking partner amidst regulatory woes appeared first on Invezz.
