For several months, users of the Binance platform could no longer make SEPA transfers. A problem that has not arisen since last week.
What was to be a provisional suspension will still have lasted more than 7 months. Last week, Binance announced via a press release the return of SEPA transfers for European users. An option available in Belgium and Bulgaria and which will gradually extend to all of Europe.
SEPA Transfers Suspended Since July 2021
At the beginning of last year July, European users of the Binance platform all received an email detailing the suspension of SEPA transfer payments in eurozone. A decision described by Binance as “temporary” and “due to events beyond its control”.
A suspension that was actually the result of bad relations with regulators around the world. Since its creation but especially since its explosion, the Binance platform has suffered from fresh relations with regulators. The platform has also been very largely limited by the banking institutions of certain countries such as the United Kingdom for several months. Now, after having operated as a decentralized organization for a long time, it seems that the company led by Changpeng Zhao is more inclined to cooperate with regulators.
Binance Partners With Paysafe For Return Of Transfers
To allow the return of the SEPA transfer under the best conditions, Binance has just announced a partnership with Paysafe, a British company specializing in online payments. A news that should delight users of the platform since it means the return of a payment method free of charge. Indeed, during these 7 months of suspension, users massively used the bank card to fund their Binance account. A payment method that results in a fee of 1.8% of the amount deposited. Another alternative, via Advcash, made it possible to limit costs but offered a longer processing time.
As announced in a press release, the return of transfers should be done country after country and drop by drop. Since January 26, the option is again available in Belgium or Bulgaria. No specific calendar been has filtered regarding the availability date for each country.