Customers Experience Troubles with Fiat Withdrawals in Europe
Customers of Binance, a popular cryptocurrency exchange, are reportedly encountering difficulties with fiat withdrawals in Europe. These issues are said to be related to problems with Single Euro Payments Area (SEPA) transfers.
SEPA Withdrawals and Deposits Suspended
In a now-deleted message on X (formerly Twitter), Binance's customer support team announced the suspension of euro withdrawals and deposits via SEPA. The exchange explained that its payment provider is no longer able to support these transactions.
Efforts to Resolve the Issue Underway
Binance expressed its understanding of the inconvenience caused and assured users that it is actively working to resolve the problem as quickly as possible. However, the exchange did not provide a specific timeframe for when SEPA transfers would be restored.
User Complaints and Allegations
An alleged Binance user in Europe voiced their frustration, claiming to have purchased a large amount of euros on the exchange but being unable to withdraw them or sell them due to the closure of their Paysafe account. The user compared the situation to that of a scam exchange.
Changes in Euro Banking Partner
This news comes a few months after Binance informed its users that its current euro banking partner, Paysafe Payment Solutions, would no longer support the crypto exchange. Users were required to update their banking details and accept new terms and conditions to continue using SEPA services.
Clarification from Binance
In response to the incident, Binance stated that the customer support message on Twitter/X was sent in error. The exchange clarified that SEPA deposits and withdrawals would continue until 25 September, as previously communicated.
Withdrawal Issues not Uncommon for Binance
This is not the first time that Binance has faced withdrawal-related issues. In May, the exchange halted Bitcoin withdrawals due to a backlog of pending transactions. This halt followed a previous withdrawal outage caused by a congested Bitcoin mempool.
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