Binance Resumes SEPA Bank Transfers After Partnering With PaySafe

Binance resumes SEPA banks transfers in EUR thanks to a new partnership with PaySafe as we can see further in our latest Binance news.

Binance resumes SEPA bank transfers and opened up EUR transfers after the new partnership with PaySafe. Binance as the largest crypto exchange by means of daily traded volume is now reponing the EUR transfers. This already came into effect and it might be worth checking if your account was previously blocked to check if deposits and withdrawals are now possible.

The users are getting selected based on a range of testing criteria to take part in the pilot program. The full re-opening of SEPA channels will scale up on markets accoridng to the announcement. This comes months after the exchange suspended payments from SEPA in June 2021. The halt in withdrawals came after a period of increased regulatory scrutiny aimed at the leading crypto trading venue but it seems that things are getting better. The market has so far reacted well to the news with the markets recovering as well.

Also, According to a Reuters investigation, Binance hasn’t upgraded customer KYC checks and the report was based on interviews with dozens of former employees of Binance, busienss partners, and advisers as well as the review of the hundreds of documents. Binance refused to answer regulators’ questions about its operations and even turned down the German police’s request to track down fraudsters and scammers and ignored the compliance advisors’ recommendations to avoid customers in countries with money laundering risks while claiming to welcome regulation.

According to Reuters, in 2020, Binance acted against its own money laundering risk alerts for seven countries. The ratings for Russia and Ukraine were downgraded manually from extreme to high so that the exchange can continue offering services there. Apart from the crackdown in China in 2017, the exchange twice fled markets after its relationship with regulators became unfriendly. Once this occurred after Japan called Binance out for offering these services without being licensed and other times when it realized being licensed in Malta to set up the global headquarters involved a rubber stamp as per Reuters. Binance refuted the claims.

Binance could sponsor Argentina’s national soccer team and will be the naming sponsor of the national soccer league for five years according to the crypto announcement. The company said it has signed an agreement with Argentina Football Association as the governing body of Argentine soccer.