Binance Announces Alliance With Fiat Partners to Offer EUR Services – Here’s the Latest

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Sujha Sundararajan

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October 23, 2023 04:20 EDT

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Crypto behemoth Binance has introduced new fiat alliances to provide Euro transactions. The exchange confirmed that the initiative has commenced and users have already migrated to the new services.

More EUR fiat channels have arrived on #Binance

We’re proud to announce that we’ve entered into agreements with multiple new EUR partners to provide deposit, withdrawal, and payment services, making your experience even more seamless.

Find out more 👇https://t.co/jKh2QxH3sN

— Binance (@binance) October 19, 2023

The new partnership promises to usher in various fiat services, including Euro (EUR) deposit and withdrawal through open banking, SEPA (Single Euro Payments Area), crypto buy/sell using bank cards and fiat balances, and EUR spot pairs.

The move arrives a month after Binance’s original EUR banking partner Paysafe stopped working with the firm.

Per the exchange’s Thursday post, users have already started being migrated to the new services. The announcement did not specify who the new fiat partners are.

Binance emphasized the importance of converting fiat to crypto and vice versa, which would foster the adoption of digital assets globally.

“Without an easy way to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating. Offering fiat services provides essential ease of use to all participants in the crypto ecosystem.”

In September, several European users faced fiat withdrawal issues, following Paysafe-Binance termination. Users complained that they were unable to withdraw Euros which were obtained by selling their crypto holdings.

“Having fiat ‘on-ramps’ and ‘off-ramps’ is key to a good user experience and enabling access to Web3 ecosystems for new users and crypto natives alike,” the company wrote.

The news comes a day after Binance’s managing director of the French arm resigned, adding to a string of prominent exec departures. Binance also faced a major setback in June, in Europe.

The exchange reportedly faced denials from Germany’s financial regulator, BaFin, for a custody license to operate in the nation. A month later, Binance withdrew its license application from the watchdog.