Binance has suffered further blows to its European business as the exchange confirmed to CryptoSlate that its Euro payment partner, Paysafe, will stop its bank transfers services from September 25.
A Paysafe spokesperson corroborated the development to CryptoSlate in a June 29 email, saying that the firm had taken “the decision to cease offering our embedded wallet solution to Binance across the European Economic Area (EEA) region.”
The Paysafe spokesperson added:
“Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months.”
Further, Paysafe also confirmed that it is “already in the process of withdrawing the [embedded wallet] service in the UK.”
Meanwhile, Binance said its users within the EEA region could continue depositing and withdrawing other fiat currencies it supports.
Binance regulatory woes in Europe
The exchange has faced heightened troubles in Europe as it has reportedly exited another European country.
German publication Finance Forward reported that Germany’s financial regulator BaFin decided against granting Binance a crypto custody license.
In response to a CryptoSlate’s inquiry, a Binance spokesperson said the exchange could not share details of its conversations with regulators. However, the firm said it had the “right team and measures in place to continue our discussions with regulators in Germany.”
Recently, Binance has exited several European markets, including Austria, the Netherlands, and Cyprus. The firm said its current focus in the region is ensuring compliance with the forthcoming Markets in Crypto Assets (MiCA) regulations.
Struggles for banking partners
In light of the prevailing circumstances, Binance has increasingly struggled for new banking partners worldwide as financial regulators tighten around it.
In February, the exchange temporarily suspended US Dollar-denominated fiat transfers after its banking partner, the failed Signature Bank, stopped processing crypto transactions worth less than $100,000.
In March, the exchange revealed that it would suspend the British Pounds deposit and withdrawals for users as its payment partner, Skrill, cited the unfavorable regulatory environment as a hindrance to its services to Binance.
Earlier this month, its U.S. subsidiary, Binance US, transitioned to a crypto-only exchange after its banking partners abruptly halted their services to the platform.
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