Binance will be rolling out SEPA withdrawals and deposits for the EU and other non-EU countries in due course, following a suspension of SEPA services in July 2021.
Binance will reinstitute the facility for users to accept European deposits from the Single Euro Payments area network in the next few hours. Payments from this network were suspended for a few months, said a person familiar with the matter. Binance will launch a pilot phase on Jan. 26, 2022, at 13:00 UTC in Belgium and Bulgaria. Users participating in the pilot program were selected based on a set of testing criteria. SEPA Withdrawals via bank transfers will also be offered. A user’s identity must be verified to perform a SEPA transfer.
Binance had stopped accepting payments from SEPA in July 2021. SEPA allows cashless payments to be made to countries in the European Union and other countries.
Binance will be using UK-based Paysafe as a fiat on ramp for cryptocurrency transactions on SEPA. They will be using SEPA to accept deposits “for the foreseeable future.” Paysafe has confirmed the partnership, which will make use of Paysafe’s digital wallet technology. Paysafe also partnered with Coinbase to release its debit card in 2019.
Binance will be hoping to improve reputation
Binance will hope that this partnership will help improve its reputation. It was recently brought to book by Canadian authorities to tell Canadian users that it was permitted to offer trading when it was not licensed to do so. Binance is the world’s largest cryptocurrency exchange by trading volume. It does not have a physical headquarters, although the crypto exchange is in talks with UAE regulators to potentially have one. Binance is upping the ante on its positive PR, announcing that it will beef up compliance-related positions in a bid to re-launch in the U.K. in six to twelve months, BeInCrypto reported in Dec. 2021.
What is SEPA?
The SEPA coordinates and unifies how cashless payments are made across Europe, making cross-border payments as easy as domestic payments. SEPA encompasses the E.U.together with Andorra, Iceland, Norway, Switzerland, Liechtenstein, Monaco, San Marino, United Kingdom, Vatican City State, Mayotte, Saint-Pierre-et Miquelon, Guernsey, Jersey, and the Isle of Man.
KuCoin recently began accepting payments via SEPA, which allows users the ability to deposit €1M in a single payment. There are no fees for deposits. The CEO of KuCoin Global has said, “KuCoin is dedicated to providing all classes of investors with the easiest and fastest crypto trading experience. The integration of SEPA payment is another huge step forward for KuCoin to facilitate the global free flow of digital value.”
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