The biggest cryptocurrency exchange in the world’s local branch, Binance France, is in a difficult position as a result of the termination of its partnership with Paysafe, a euro banking partner. Binance France has advised its users to immediately transfer all of their fiat currency assets on the exchange into cryptocurrency in response to this event. The facts leading the partnership’s dissolution, the repercussions for users, and Binance’s continued regulatory difficulties in Europe are all covered in this piece.
The collaboration between Binance France and Paysafe, which facilitated euro deposits and withdrawals through SEPA bank transfers, came to a close on September 25. While the termination was announced in late June, Binance France has yet to secure a new partner to replace Paysafe’s role in providing essential infrastructure for these transactions. The absence of a replacement has prompted Binance France to take proactive measures.
Urgent Recommendation to Convert Fiat to Crypto
In response to the partnership’s expiration and the resultant temporary inability to support euro deposits and withdrawals, Binance France has issued a notable recommendation to its customers. A spokesperson for the company confirmed to French radio station BFM that users are advised to promptly convert their fiat balances into cryptocurrencies, a service currently offered at no additional cost. Users have reported encountering a pop-up window suggesting the conversion of their fiat balances into cryptocurrencies upon launching the mobile application.
![Binance's Search for French Banking Partner Continues After DASP Registration image 208](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/09/image-208.png?resize=548%2C238&ssl=1)
![Binance's Search for French Banking Partner Continues After DASP Registration image 208](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/09/image-208.png?resize=548%2C238&ssl=1)
Binance France assured its customers that the exchange is diligently working to onboard new partners and anticipates providing an update in the near future. The urgency behind this recommendation reflects the challenges faced by Binance in maintaining seamless fiat transactions in Europe.
Related: Binance faces investigation in France over money laundering allegations
The conclusion of the partnership with Paysafe has presented Binance France with a pressing issue, as it grapples with the temporary suspension of euro deposits and withdrawals. The exchange’s decision to advise customers to convert their fiat holdings into cryptocurrencies demonstrates its commitment to addressing the situation proactively. This development underscores the broader regulatory hurdles faced by Binance in Europe, as it navigates evolving compliance requirements and seeks new partnerships to facilitate essential services for its users.