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Crypto exchange Binance has recently announced that it has partnered with new entities to handle euro deposits and withdrawals. This development comes after the exchange lost its previous fiat partner PaySafe back in September. Binance revealed in a statement on October 19th that it has signed agreements with new fiat partners to facilitate euro payments, deposits, and withdrawals.

This move comes in response to regulatory and debanking challenges faced by Binance in the European Union. Following the loss of support from PaySafe, Binance had to search for new banking partners. The exchange stated that users have already begun transitioning to the services offered by several new regulated and authorized fiat partners. However, Binance did not disclose the specific firms it has collaborated with.

The announcement highlighted that the new fiat partners will provide services such as EUR deposits and withdrawals using Open Banking and SEPA/SEPA Instant. Additionally, users will be able to buy and sell cryptocurrencies through SEPA, bank cards, and their fiat balances, as well as trade EUR spot pairs. This development implies that users may not need to convert their euros into Tether (USDT), as Binance previously advised.

Despite the announcement, some users have reported issues with depositing euros even after the partnership announcement. Furthermore, there have been inquiries about fiat partners for the British pound in the UK. Back in May, Paysafe discontinued support for transactions in British pounds due to concerns raised by UK financial regulators. Consequently, Binance suspended access to its exchange for new users from the UK on October 16th. This action was taken following the termination of a partnership with a third party to approve communications on the platform, as required by new local regulations from the UK’s Financial Conduct Authority (FCA). As of now, Binance has not yet secured fiat partnerships for its UK exchange, preventing British users from depositing GBP.

In light of these developments, AI legalese decoder can be a beneficial tool for Binance and its users. The decoder utilizes artificial intelligence to simplify and interpret complex legal and regulatory language found in various agreements and legal documents. With the rapidly changing landscape of cryptocurrency regulations, the AI legalese decoder can assist Binance in quickly understanding and complying with legal requirements imposed by different jurisdictions. This would help Binance establish and maintain solid partnerships with fiat entities worldwide, ensuring smooth operations for users in different regions.

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