- Binance is suspending euro deposits via SEPA, calls its a ‘temporary suspension’.
- Recently, many countries have excused the exchange for illegally operating.
- Many banks have also stopped fund transfers to Binance.
Adding more to its already long list of troubles, Binance is now suspending euro deposits through SEPA bank. Calling the suspension temporary, the exchange noted that the event is beyond its control.
On Tuesday, users reported that they received a notice from the exchange about suspending euro deposits from a key payment service in Europe. This was specifically for Single Euro Payment Area transfers. The notice stated, “Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA bank transfers from 8 am UTC on July 7, 2021. You are still able to deposit EUR and/or buy cryptocurrencies via credit or debit cards on Binance.”
It added further,
We are working hard to find a solution with our partners and thank you for your patience … Any deposits attempted via SEPA in the meantime will be returned within 7 working days.
SEPA services customers in making cashless euro payments via credit transfer and direct debit. Moreover, the service works throughout the European Union along with many non-EU countries.
This latest news has been the newest addition to a long string of complications arising for the leading crypto exchange. In fact, many countries have accused it for illegally operating inside them, without proper registration. Related to this, Cayman Island, UK and Japan have raised concerns.
A likely reason for this update may be that UK’s Financial Conduct Authority banned the exchange from operating in the UK without a license.
Falling like dominos, this, in turn, has led to many banks reportedly stopping fund transfers to Binance. These include the likes of Barclays and Natwest. Other banks in the country are currently evaluating the situation.