Beginning from Wednesday at exactly 8:00 UTC, it will no longer be possible for anyone to deposit euro from the banks to Binance. But credit cards or debit cards will still be effective.
Binance has been in several challenges lately from different regulatory bodies. This has led it to abruptly discontinue deposits from European banks. The firm has already informed all the affected customers via email.
Actually, what’s to be discontinued is euro deposits sent from the Single Europe Payments Area (SEPA). The date when the limitation will be relaxed is yet unknown. This is a part of the email sent to its customers:
“Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA Bank Transfers from 8 am UTC on July 7, 2021.”
Binance didn’t explain the reason for the sudden decision but it may not be far from the recent regulatory attacks.
One of the attacks against Binance is that from Barclays which declared discontinuation of payment processing into Binance. Barclays’ action was triggered by the U.K FCA’s decision to stop supporting the firm on its soil. Someone from Binance reacted to Barclays’ position saying it was uncalled for and they needed to understand the events closely.
As the atmosphere heated up, Binance was forced to halt withdrawal of funds through any U.K. bank last month.
Although it has been difficult facing sanctions from the U.K., Canada, Japan, and the U.S, Binance has not been dethroned as the biggest crypto exchange worldwide. From reliable data, Binance took care of transactions worth over $15.8 billion on Tuesday while its closest rival, Coinbase, managed exchanges worth about $2.2 billion.
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