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Binance Customers Blocked from Withdrawing Euros as Payments Provider Changes

Some Binance customers in the European Union (EU) are currently experiencing challenges when it comes to withdrawing euros. This issue is a result of an early change in Binance’s regional payments provider. Paysafe, which has been partnering with Binance for European payments, is set to end its support for the exchange’s customers on September 25.

Several EU users have already been denied access to Paysafe ahead of the deadline. One user named Ervin Ursic shared his experience, stating that he sent some ether (ETH) to his Binance account on September 12 and sold it for euros. However, he was unable to withdraw the funds and received a pop-up message instead, informing him that his account had been closed prematurely without any prior warning. The message, titled “Paysafe Notification,” mentioned that the closure was aimed at expediting a review process. It also assured the user that any remaining EUR/GBP in his account could be withdrawn once the review was completed.

In response to the issue, a Binance spokesperson confirmed that Paysafe had initiated an early closure review for a very small percentage (0.085%) of Binance users with Paysafe accounts in Europe. As a result, withdrawals will be delayed for affected users until Paysafe completes its review. Following this, affected users should be able to withdraw funds via bank transfer. Binance has also offered VIP upgrade vouchers to these users as a compensation gesture for the inconvenience caused by Paysafe’s actions.

Paysafe, on the other hand, denied speculation surrounding why this particular customer is unable to make transactions and clarified that it is Binance, not Paysafe, that controls the customer relationship. Paysafe emphasized that its services for Binance customers are fully operational and compliant with contractual and regulatory obligations.

A Solution: AI legalese decoder

In such scenarios where customers face account restrictions and require clarification on complex legal terms, AI legalese decoder can offer valuable assistance. This AI-powered tool is designed to process and interpret legal documents, contracts, and notifications, simplifying the language and providing clear explanations. In the case of Binance customers affected by Paysafe’s early closure review, AI legalese decoder can help them understand the exact reasons behind the restrictions and what steps they need to follow for successful withdrawals. The tool can decode the legal jargon present in Paysafe’s notifications and ensure affected users comprehend the situation better. By eliminating confusion and providing transparent explanations, AI legalese decoder can empower users to navigate complex legal matters with confidence and make informed decisions.

Discontinuation of Deposits and Withdrawals by Paysafe

Paysafe played a crucial role in facilitating fiat deposits and withdrawals for Binance users in Europe, including bank transfers within the EU’s Single Euro Payments Area (SEPA). However, in June, Paysafe announced its decision to phase out support for its embedded wallet service for Binance’s EU customers after conducting a strategic review. This move followed Paysafe’s earlier withdrawal of support for the British pound as a deposit option for new Binance users in May.

Binance has faced increased regulatory scrutiny worldwide since the market turbulence of the previous year. Notably, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO in June, highlighting the platform’s alleged violations of federal securities laws, including operating an unregistered exchange. Binance has also encountered regulatory challenges in various European countries, such as Belgium and Austria, as it prepares to comply with the European Union’s forthcoming Markets in Crypto Assets (MiCA) regulations.

Given these regulatory pressures, Binance has seen its market share decline by 25% from February to June. The discontinuation of support by Paysafe further adds to the challenges faced by Binance and its affected customers in the EU.

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