#Binance a prominent player in the #cryptocurrency industry, has recently implemented more fiat partnerships in order to facilitate #Euro trades. The exchange has verified that the programme has been initiated and that users have already transitioned to the new services.
The newly established collaboration holds the potential to introduce a range of fiat services, encompassing Euro (EUR) deposit and withdrawal facilitated by open banking, SEPA (Single Euro Payments Area), the ability to purchase and sell cryptocurrencies using bank cards and fiat balances, as well as Euro spot pairings.
The decision to change banking partners by Binance comes one month after its initial European banking partner, Paysafe, terminated its collaboration with the company.
According to the announcement made by the exchange on Thursday, the process of migrating users to the new services has already begun. The statement lacked specificity on the identity of the new fiat partners.
Binance placed significant emphasis on the significance of facilitating the conversion between fiat currencies and cryptocurrencies, hence promoting the widespread acceptance and integration of digital assets on a worldwide scale.
The absence of a convenient mechanism for purchasing or selling cryptocurrency might result in a lack of user-friendliness and a sense of intimidation for individuals who are unfamiliar with the field. Providing fiat services offers significant convenience to all stakeholders inside the cryptocurrency ecosystem.
During the month of September, a number of European customers encountered difficulties with withdrawing fiat currency as a result of the dissolution of the partnership between Paysafe and Binance. Several users expressed dissatisfaction with their inability to withdraw Euros that were acquired through the sale of their cryptocurrency assets.
The business emphasised the need of having fiat "on-ramps" and "off-ramps" in order to enhance user experience and facilitate the entry of both new users and crypto enthusiasts into Web3 ecosystems.
The announcement follows the resignation of Binance's managing director of the French division, contributing to a series of notable executive exits. Binance had a significant setback in the European region during the month of June.
Germany's financial authority, BaFin, allegedly denied the exchange's request for a custodial licence to conduct operations within the country. One month later, Binance opted to withdraw its licence application from the regulatory authority.