- Paysafe Payment Solutions Limited (Paysafe) has abruptly ceased processing EUR deposits for Binance users, necessitating appropriate steps to avoid inconveniences.
- Binance is advising users to convert their EUR balances to USDT before October 31, 2023, to ensure a smooth transition amidst this sudden change.
In a sudden turn of events, Paysafe Payment Solutions Limited (Paysafe) has made a unilateral decision to halt the processing of EUR deposits for Binance users. This abrupt move is likely to affect the user experience significantly, especially for those who regularly engage in EUR transactions.
Immediate Measures for Seamless Transition
Binance has proposed a set of measures for its users to ensure minimal disruption. Users are encouraged to convert their EUR balances in their Binance accounts to USDT (Tether, a blockchain-based cryptocurrency backed by the value of traditional fiat currencies) before 00:00 (UTC) on October 31, 2023. Until this deadline, users are also granted the privilege to withdraw their EUR balances to their bank accounts.
The sudden stance by Paysafe initiated a temporary pause in certain services, effective since specific dates and times as outlined by Binance. These include:
- Suspension of EUR deposits by Paysafe users from September 25, 2023, 00:00 (UTC).
- Discontinuation of buying or selling crypto with EUR balances from September 28, 2023, 04:00 (UTC).
- Cessation of EUR spot trading pairs for Paysafe users from September 28, 2023, 04:00 (UTC), with a strong recommendation to cancel any open orders on EUR spot trading pairs before this time.
- Termination of Spot Trading Bots services on EUR/USDT and EUR/BUSD trading pairs for Paysafe users from September 28, 2023, 04:00 (UTC).
- A shift in Binance Convert to a ‘EUR reduce only’ mode from September 28, 2023, 04:00 (UTC), allowing users only to convert EUR to other cryptocurrencies.
- Pausing of Auto-Invest EUR plans for Paysafe users from September 28, 2023, 04:00 (UTC).
While this unexpected alteration in services has raised concerns, Binance assures all its users that their funds remain secure and all other crypto-related services are unaffected. Aiming to prioritize user satisfaction, Binance is actively working to integrate new fiat channels onto its platform, hoping to restore and enhance the seamless crypto experience that its users have been accustomed to. This update is part of Binance’s ongoing efforts to ensure a user-friendly environment amidst the ever-evolving dynamics of blockchain and cryptocurrency markets.