Binance Suspended SEPA Euro Bank Deposits: Update

Binance suspended SEPA Euro Bank deposits so now customers have to rely on credit and debit card payments as we read further in today’s binance news.

The largest cryptocurrency exchange Binance suspended SEPA euro bank deposits from the EU payment network according to the reports. European users of the exchanger received an email saying that customers could no longer deposit cash thorugh SEPA. SEPA is a network that aims to make European payments faster, cheaper, and easier by creating a single market for euro-denominated payments. Crypto transfers use SEPA to transfer bulls sums of cash into exchanges and now Binance customers in the countries using this system, will not be able to use the system and deposit cash.

According to the FT, the exchange said that the move is only temporary due to “events beyond our control” so now users are still able to withdraw euros from the exchange via SEPA. Payments via credit and debit cards will not be affected. Binance is now reeling from the news earlier this week that British Bank Barclays prevented customers from sending money to the exchange and the UK’s Financial Conduct Authority issued a consumer warning against the company acquired by Binance, Binance Market Limited in order to facilitate the launch of bespoke UK exchanges. None of which will stop Europe or UK-based users from trading but it will make the process much harder.

As reported recently, Binance reinstated fast payment withdrawals for GBP Payments and all UK customers.
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The service went down yesterday and stopped the UK customers from getting their money out of the exchange. Binance reinstated support for GBP withdrawals via Faster Payments and a high-speed UK banking network. The deposits of British pounds remain suspended for bank cards and faster payments. The exchange suspended GBP withdrawals for maintenance a day ago which came two days after the Financial Conduct Authority stopped the Binance Markets Limited British company acquired by Binance in 2020 from launching a UK version of Binance that will serve UK consumers. FCA spokesperson emphasized that it doesn’t regulate trading so Binance has not prevented the customers from trading crypto and derivatives contracts on the exchange.