Binance Urges Euro Users to Convert to USDT Amidst Banking Partner Loss

Binance has called on its European users to swiftly convert their euro holdings into Tether (USDT) before the end of October. This urgent advisory comes after Binance lost the support of its banking partner, Paysafe Payment Solutions Limited (Paysafe).

On September 28, Binance issued an official statement urging European Paysafe users to take immediate action. Paysafe, seemingly unilaterally, decided to cease processing euro (EUR) deposits for Binance users, a move that has sent shockwaves throughout the cryptocurrency community.

In the announcement, Binance outlined the steps that users should take in response to Paysafe’s unexpected decision:

  1. Convert EUR to USDT: Paysafe users are strongly encouraged to convert their EUR balances held within their Binance accounts into Tether (USDT) before October 31, 2023, at 0:00 (UTC). This conversion aims to safeguard the value of users’ assets amidst the disruption caused by Paysafe’s withdrawal of support.
  2. Withdraw EUR Balances: While the conversion is encouraged, users may also continue to withdraw their EUR balances from Binance accounts to their bank accounts.

The discontinuation of Paysafe’s services will lead to a temporary interruption in various aspects of Binance’s operations:

  • EUR Deposits: As of September 25, 2023, EUR deposits by Paysafe users were already suspended.
  • Buy/Sell Crypto with EUR: Starting from September 28, 2023, at 04:00 (UTC), users will no longer be able to buy cryptocurrency with EUR balances or sell cryptocurrency for EUR balances. However, users can still purchase cryptocurrency using EUR through credit/debit cards.
  • Binance Spot: Effective from September 28, 2023, at 04:00 (UTC), all Paysafe users will lose the ability to trade EUR spot trading pairs. Open orders on EUR spot trading pairs will be canceled starting from September 28, 2023, at 05:00 (UTC).
  • Spot Trading Bots: Binance will terminate Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs for Paysafe users, effective from September 28, 2023, at 04:00 (UTC). Users are advised to update and/or cancel their Spot Trading Bots to prevent potential losses.
  • Binance Convert: The Convert service will operate in “EUR reduce only” mode from September 28, 2023, at 04:00 (UTC). This means users can convert EUR to other cryptocurrencies through market orders but cannot perform the reverse action. All open EUR limit orders will be automatically closed from September 28, 2023, at 05:00 (UTC).
  • Binance Auto-Invest: Auto-Invest EUR plans for Paysafe users will be paused from September 28, 2023, at 04:00 (UTC), and users may not be able to subscribe to Auto-Invest plans with EUR thereafter. It’s important to note that Auto-Invest EUR services will continue as usual for other users.

Binance reassures users that all funds remain secure, and this disruption will not affect other cryptocurrency-related services offered by the platform. The exchange also emphasized its commitment to putting users first and is actively working on integrating new fiat channels onto the platform to ensure a seamless crypto experience for all users.

This unexpected development follows Paysafe’s previous role in facilitating fiat deposits and withdrawals for Binance users in Europe, including bank transfers within the European Union’s Single Euro Payments Area (SEPA). As the crypto industry continues to evolve, Binance’s response to such challenges demonstrates its dedication to the security and satisfaction of its user base.

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