- Binance temporarily suspends EUR withdrawals and deposits via SEPA amid issues with a third-party payment provider.
- Official suspension will take effect on September 25, 2023, following a series of challenges faced by Binance in 2023.
Binance Navigates SEPA Service Disruption
Crypto trading behemoth, Binance, has revealed a pending halt in EUR withdrawals and deposits via the Single Euro Payments Area (SEPA) network. This decision emerges amidst intricate challenges with a third-party payment facilitator, a roadblock that’s seen the exchange grappling to maintain the smooth facilitation of fiat transactions.
SEPA Transaction Woes
As per Binance’s official customer support, known as the X account, SEPA transfers for the Euro (EUR) are undergoing a temporary hiatus. A message disseminated to users highlighted the current maintenance status of direct bank transfers for the European currency. The support channel elaborated,
“We have temporarily suspended EUR withdrawals and deposits via SEPA due to our provider’s inability to support these transactions currently.”
Binance is keenly aware of the disruption this poses to its vast user base. Their statement further elucidated,
“We recognize the inconvenience stemming from this situation and are committed to rectifying this at the earliest. However, a precise timeline for SEPA transfers’ reinstatement remains undetermined.”
While several users bemoaned an immediate cessation of services, Binance’s support assured that SEPA-based deposit and withdrawal functionalities would remain operative until the stipulated date of September 25, 2023. They acknowledged a few erroneously dispatched communications which may have contributed to the confusion.
Yet, this isn’t an isolated hiccup for Binance in 2023. This year has witnessed the crypto titan navigating a labyrinth of setbacks, particularly associated with payment intermediaries overseeing fiat transactions. Binance US, its American subsidiary, confronted value disparities in cryptocurrencies due to snags in USD withdrawals. Additionally, Binance US’s endeavors to solidify banking partnerships were imperiled following the decline of three crypto-affable banks earlier in 2023. A parallel scenario was observed in Binance Australia, where withdrawals in Australian Dollars (AUD) were momentarily stalled.
