Just In: Binance Faces Banking Issues In France Amid Russia Exit

According to recent reports, Binance France has recommended its users swiftly convert their fiat holdings into cryptocurrencies, following the expiration of its partnership with Paysafe. Notably, the partnership, which facilitated euro deposits and withdrawals, officially ended on September 25. Meanwhile, this move also marks the firm’s attempt to secure new partners to fill the void left by Paysafe.

Recommendations From Binance France

The collaboration between Binance France and Paysafe had been pivotal in facilitating seamless euro transactions through SEPA bank transfers. However, the partnership reached its conclusion in late June, leaving Binance France without a supporting banking infrastructure.

However, despite the ongoing efforts, Binance France has not yet finalized new partnerships to bridge this gap. Meanwhile, addressing the challenges arising from the partnership’s expiration, Binance France is actively encouraging its customers to convert their fiat holdings into cryptocurrencies without incurring fees. This recommendation aims to ensure that users can continue to engage in crypto activities on the platform unimpeded.

According to the recent reports by the users, the mobile application now automatically prompts them to make this conversion. Meanwhile, a Binance France spokesperson, speaking with BFM, emphasized the urgency of the situation.

He said that Binance is diligently expediting the onboarding process of its new partners and anticipates providing an update in the near future. This statement reflects the exchange’s commitment to minimizing disruptions for its user base and is in line with the company’s ongoing efforts to secure new partnerships.

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Recent Developments Of Binance

Binance customers in Europe had already encountered difficulties with fiat withdrawals earlier this year. Meanwhile, the earlier issue likely foreshadowed the challenges that have arisen following the Paysafe partnership’s termination.

Meanwhile, Binance, facing ongoing regulatory challenges in Europe, left the Netherlands in June and was ordered to cease services in Belgium. However, the exchange recently reopened for Belgian users, complying with European Economic Area regulations. On September 25, 2023, Binance announced that Belgian users could access its products and services locally.

Furthermore, on September 27, the company completed its exit from Russia by selling its firm to a newly launched crypto exchange business called CommEX. This move followed scrutiny over alleged failure to comply with financial sanctions against Russia.

Also Read: Binance Exits Russian Market as CommEX Takes Over