Binance's branch in France recently completed the termination of its partnership with Paysafe. This shows that the exchange is increasingly having difficulty finding and maintaining partners with banks here.
Previously, Paysafe provided infrastructure to Binance's French subsidiary, helping them perform deposits and withdrawals in euros via SEPA bank transfers. The process of ending this relationship has been underway since the end of June, but until now, Binance France has not found a new replacement partner.
On September 26, a Binance representative in France confirmed to BFM radio the termination of cooperation with Paysafe and recommended that users convert their currency balances to cryptocurrency as soon as possible.
“Binance is working to quickly establish new partners and will provide updates as soon as possible,” a Binance representative in France said.
At the end of August, Binance users encountered difficulties with partner banks in Europe. At the time, the company revealed it had temporarily suspended trading and remittances in euros through SEPA due to the unavailability of a payment provider.
Previously, Binance was monitored by law enforcement agencies in Europe for not complying with sanctions against Russia. As a result, the exchange has been in trouble with regulators in Europe over the past few months. On June 16, Binance also announced its withdrawal from the Netherlands. Less than a week later, officials in Belgium also ordered the exchange to suspend all cryptocurrency-related services.
Recently, Binance is also taking the final steps to completely withdraw from Russia because it continuously faces legal risks in this country.
Also Read: "The end" of Binance in Russia
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