After a long time, Binance exchange is ready to allow the bank transfer deposit on the exchange for Euro & Pound.
Binance is a popular crypto exchange, which is known for its pro-level crypto services & standing at first rank by 24 hours crypto trading volume. This exchange is working to provide all possible financial services to its users, whether it is crypto or non-crypto. Last year, due to some scrutiny threats, the exchange halted the Euro & Pound deposit on the exchange.
On 7 March, Binance exchange announced it will resume the deposit of Euro and Pounds directly from the bank transfer to exchange.
For its Binance retail users, both deposit and withdrawal will be available through Single Euro Payment Area (SEPA) and Faster Payment Services (FPS) rails. For this initiative, Binance established a partnership with Paysafe, a UK-based payment company.
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“EUR and GBP deposits and withdrawals respectively via the SEPA payment network (SEPA) and Faster Payment Services (FPS), effective Monday, 2022-03-07 11:00 AM (UTC) for both Desktop and App.”
Through the announcement, Binance confirmed that the exchange will try to expand its services to allow the SEPA bank transfers to its corporate clients, which is available for retail users only.
The testing of successful deposits and withdrawals was done already in January of this year, to ensure the working situation of the new reopen services to users.
Binance & Scrutiny relationship
Binance exchange always showed its services of crypto as quality-based and never tried to manipulate the users through its system. But still, the exchange faced many scrutiny issues in the last year.
The main scrutiny issue raised against Binance was by the FCA, regulators of the UK, but later the exchange found innocence against all the allegations. However, regulators’ investigation claimed that they were not able to easily investigate Binance because of lack of communication with the executive of Binance exchange.
The current move of Binance is showing that Binance is getting out from the raised questions on its services in Europe.
Read also: Chinese central bank official seeks to get clarity on Chinese CBDC as legal tender
Binance to reopen euro and pound bank transfers
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