Binance Asks Paysafe Users to Convert EUR Balances to USDT by End of October
Binancehas asked Paysafe users to convert their euro balances to USDT by the end of October as the payments provider has stopped processing euro deposits for the exchange's users.
In a Thursday announcement, Binance said Paysafe has "unilaterally decided to stop processing EUR deposits for Binance users," advising users to convert their euro balances to USDT.
The exchange also noted that users may continue to withdraw their euro balances from Binance accounts to their bank accounts.
Binance further detailed that Paysafe users will no longer be able to trade EUR spot trading pairs from September 28 at 4:00 am UTC and open orders will be canceled an hour later.
"Users are strongly advised to update and/or cancel their Spot Trading Bots prior to the cessation of Spot Trading Bots services to avoid any potential losses," the exchange said.
Binance Convert, which operates like a token swap, will also be restricted for euro transactions.
As expected, Paysafe, Binance’s European payments partner, ended support for the exchange’s customers on the September 25 deadline.
Back in June, Paysafe announced that it would cease offering its embedded wallet solution to the exchange.
It is worth noting that Paysafe also blocked some Binance users as soon as last week ahead of the September 25 deadline.
At the time, a Binance spokesperson told Cryptonews that Paysafe has put "a very small portion (0.085%) of Binance users with Paysafe accounts in Europe through an earlier closure review."
Binance tied up with Paysafe last year to allow its users to deposit sterling via Faster Payments, a network that oversees payments and bank account transfers in Britain.
As reported, Binance has seen a sharp drop in market share among non-dollar crypto exchanges.
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