SEPA-related Issues Affect Euro Withdrawals for Binance Cryptocurrency Exchange Customers in Europe – What's Going On?
Binance cryptocurrency exchange customers in Europe reportedly encountered problems with fiat withdrawals due to Single Euro Payments Area (SEPA) transfer issues.
In response to a complaint from a European user of Binance who asserted that they had recently purchased "a large sum of EUR" on the platform and expressed frustration over their inability to withdraw the euros to their bank account or execute sales on Binance, a Customer Support message was issued.
According to the customer service message, customers utilizing the Binance exchange in Europe have encountered difficulties concerning fiat withdrawals due to complications linked to Single Euro Payments Area (SEPA) transfers.
"Regarding the issue you've mentioned, we regret to inform you that we have temporarily suspended EUR withdrawals and deposits via SEPA."
Binance's customer support conveyed this information in a message posted on August 20, which has since been removed from X (previously known as Twitter), that the exchange has allegedly suspended euro withdrawals and deposits via SEPA, said it didn't have a specific time frame for restoring SEPA transfers, adding that its payment provider "can no longer support these transactions."
"We understand the inconvenience this has caused and are actively working to resolve this as soon as possible."
The alleged client continued, "According to customer support, there is nothing I can do about it except wait for Binance to find a new payment provider. Letting users buy EUR and block them from accessing it right afterward is what you would expect from scam exchanges, not Binance."
In a later response to the complaint, Binance clarified that the customer support message on X was a mistake and that the SEPA deposit and withdrawal service will continue until September 25, as initially announced.
Binance Clarifies SEPA Service Continuation Following Customer Support Message Error
This update came two months after Binance notified its users about discontinuing support for the crypto exchange by its current euro banking partner, Paysafe Payment Solutions.
On June 27, Binance emailed its customers that the euro support currently facilitated by Paysafe is scheduled to cease after September 25, 2023.
Although, Binance has plans to transition to an alternate service provider for handling euro deposits and withdrawals through SEPA bank transfers. However, the identity of this new service provider has yet to be disclosed by Binance.
Up until this point, Binance has affirmed that the existing procedures for depositing and withdrawing various fiat currencies and purchasing and selling cryptocurrencies on Binance.com remain unaltered.
Approaching September 25, a Binance spokesperson stated that some users might be asked for additional information as part of regular compliance checks.
This could result in the closure of accounts. Binance assured that alternative solutions would be available for users before the SEPA service ends.
"Users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date."