Customers of the Binance cryptocurrency exchange are allegedly facing fiat withdrawal issues in Europe due to issues related to transfers in the Single Euro Payments Area (SEPA).
On Aug. 20, Binance customer support wrote in a now-deleted message on X (formerly Twitter) that the exchange had allegedly suspended euro withdrawals and deposits via SEPA.
In the post, the cryptocurrency exchange said there was no specific time frame for resuming SEPA transfers, adding that its payment provider “can no longer support these transactions.”
Binance stated: “We understand the inconvenience this causes, and we are actively working to resolve this issue as soon as possible.”
The statement was in response to a European Binance user who claim “Bought a lot of Euros on Binance” a few days ago. The accused customers complained that they were unable to withdraw euros to their bank accounts or sell them on Binance due to the closure of their Paysafe accounts. They added:
“According to customer support, there is nothing I can do other than wait for Binance to find a new payment provider. Making users buy euros only to prevent them from accessing it immediately is what you would expect from a scam exchange, not Binance.”
A few months ago, Binance notified users that its current euro banking partner, Paysafe Payment Solutions, would stop supporting the cryptocurrency exchange.
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Binance said at the time: “Users will need to update their bank details for depositing into their Binance accounts and may need to accept new terms and conditions to continue using SEPA services after this date.”
In a written response to Cointelegraph, Binance said the customer support message on X was “sent in error,” adding that “SEPA deposits and withdrawals will continue until September 25 as originally notified.”
In a separate statement, a Binance spokesperson told Cointelegraph that as September 25 approaches, “some users may occasionally be asked to provide additional information as part of routine compliance checks, which may lead them to accounts closed early.” The spokesperson added that Binance “will provide alternatives to our users before the SEPA service ends.”
Binance’s recent withdrawal-related issues in Europe are not unusual for the exchange. In May, the exchange suspended Bitcoin (BTC) withdrawals, citing a large backlog of pending withdrawals. A day earlier, Binance experienced its first withdrawal outage due to a clogged Bitcoin mempool, with more than 400,000 transactions stuck on the blockchain.
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