All is finished between Binance and Paysafe. The departure of this European banking partner from CZ’s crypto-business will certainly cause difficulties in fiat-crypto exchange. However, Binance, this resilient crypto giant, has found a solution. Details !
Binance at the bedside of Paysafe crypto orphans
The news announced on September 25 shook a large number of crypto traders affiliated with Binance: Paysafe has decided to put an end to its partnership contract with the crypto giant. Consequence: Binance no longer has a banking partner in France and it must find another alternative to plug this gaping hole.
“ Binance advises its Euro users to convert their fiat balances to USDT of Tether because Paysafe, its banking partner, is terminating its services. This development may lead to brief disruptions in certain Binance features. »
A quick tour of the Binance sites and Quincepe allowed us to learn more about this subject. According to the crypto media, Binance has demonstrated resilience despite regulatory challenges who are waiting for him. This proposal to convert from the euro to the US dollar, via Tether’s USDT, after the departure of Paysafe testifies to this quality.
Staying in a precarious situation for a long time is not like Binance. Yi He, the co-founder of the crypto company, was very clear on this point.
On the official site from Binance, the press release highlights some additional details. Extract :
“ Paysafe Payment Solution Limited (Paysafe) decided unilaterally to stop processing deposits in euros for Binance users. Paysafe users are therefore advised to take necessary measures in advance.
Paysafe users can convert EUR balances in their Binance accounts to USDT before October 31, 2023 at 0:00 (UTC). During this time, users can continue to withdraw their EUR balances from their Binance accounts to their bank accounts. »
Paysafe leaves Binance… and cryptocurrencies with it
Binance starts at pay a high price for your problems of irregularities. The latter forced him to make difficult decisions such as abandoning its stablecoin BUSD developed with Paxos, paying astronomical bills relating to its defense in court (against the SEC, CFTC and the US Department of Justice), separating from BinanceUS CEO Brian Schroder and many more.
Changpeng Zhao and his team must constantly call on their genius to stay proactive in this bad situation. What they decided today is about the ability to quickly (but effectively) overcome this cryptographic mishap.
However, the departure of Paysafe did not fail to affect the Binance ecosystem. Here is a list of features affected by this break:
- cryptocurrency purchase/sale services with balances in euros;
- spot trading on € pairs (EUR/USDT, EUR/BUSD) or Binance Spot;
- converting cryptos to euros via Binance Convert;
- and Euro-denominated automatic investment plans facilitated by Binance Auto-Invest.
In this series of measures, we have found that the majority apply immediately. The deadline is September 28, 2023 at 4:00 UTC. In other words, time has worked against crypto investors registered on Binance.
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