#Binance ’s euro services make a comeback after #Paysafe setback

Following the discontinuation of its fiat collaboration with Paysafe, Binance has formed new partnerships for euro transactions. Users have already begun migrating to these new services, as announced by the company on Thursday.

A spokesperson from Binance stated that they have onboarded partners such as TrueLayer, Nuvei, and several card acquirers. TrueLayer is a financial technology company that facilitates financial transactions through its open banking API platform, while Nuvei is a global payment technology company specializing in simplifying digital transactions worldwide.

These new partners offer services such as euro deposits and withdrawals through Open Banking and SEPA/SEPA Instant, as well as euro-to-cryptocurrency trading. They also support the purchase and sale of cryptocurrencies using bank cards and fiat balances.

Binance, founded by #ChangpengZhao in Shanghai in 2017, has become a major player in the cryptocurrency space but has faced increased scrutiny from regulators due to concerns about potential money laundering activities.

The separation between Paysafe and Binance began in May, leading to Binance suspending deposits and withdrawals in British pounds until they secured a new banking partner. In September, Paysafe stopped processing euro deposits for Binance as well.

These developments occurred while Binance was under investigation by US regulators and facing inquiries from authorities in multiple countries, including the UK, Japan, Italy, Singapore, the Netherlands, Canada, and Thailand.

Earlier in the year, Binance had announced its plans to reduce its operations in #Europe and focus on "fewer regulated entities," leading to its withdrawal from Germany, the Netherlands, and Cyprus due to licensing issues.