It really is the end! Binance and PaySafe are now moving in opposite directions. But after the contract expired, the cryptocurrency giant is having difficulty finding new banking partners in France. However, it could be that the crypto exchange has found the solution to its problems.
Binance asks investors to convert their Fiat into… crypto?
Time does not seem to be kind to the world’s largest cryptocurrency exchange. Since its launch in France in 2021, Binance has seen all the colors. But after a rather difficult start, 2023 should be the year that changes everything.
Except that everything doesn’t go as planned. The company’s French subsidiary has just lost its banking partner in the country and appears to be having difficulty finding another one. However, there is no shortage of solutions.
According to declarations from the crypto exchange’s spokesperson, Binance is currently asking investors to convert their fiat currency balance into crypto. While this request may seem eccentric, it should be noted that it has a specific purpose.
With the end of the partnership, the crypto company finds itself unable to support euro transactions via SEPA. Initially, it stopped deposits and withdrawals. But an executive revealed on September 26 that the platform is actively seeking new partners and will soon have an update.
The exchange in difficulty in Europe
The Old Continent does not seem favorable to Binance. While the exchange is growing at an exponential speed, its relations with Europe remain mixed. Between its withdrawal from the Netherlands and Belgium, regulatory pressure and accusations, the crypto exchange is cornered on all sides.
In addition, because of the SEC’s allegations, Changpeng Zhao’s crypto company is forced to leave Russia permanently. However, the crux of the problem in Europe remains the premature end to Fiat withdrawals. Indeed, investors encountered many difficulties with withdrawals at the end of August.
Now, a window automatically pops up as soon as they open their mobile app. Without any surprise, it offers them to convert their Fiat balance into crypto assets for free.
Nothing is too hard for Binance. As problems pile up around it, the crypto exchange continues to fight like hell to get by. Between its final withdrawal in Russia and its trial in the United States, CZ’s company must now find new banking partners to ease tensions.
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