Paysafe unilaterally halts EUR deposits on Binance, prompting user advisories.

Binance recommends EUR balance conversion to USDT before October 31.

Binance critic reacts, pondering why Paysafe suddenly abandons the exchange.

In a recent announcement, Binance reported that Paysafe Payment Solutions Limited (Paysafe) has unilaterally ceased processing EUR deposits for its users. The unexpected decision has prompted Binance to issue a series of advisories, urging Paysafe users to take specific actions ahead of time.

To mitigate potential disruptions, Binance advised Paysafe users to consider converting their EUR balances within their Binance accounts to Tether USD (USDT) before the October 31, 2023 deadline.

In the interim, Binance assures users that they can continue withdrawing their EUR balances from their Binance accounts to their respective bank accounts.

Notably, Paysafe’s discontinuation of EUR-related services has impacted several key aspects of Binance’s operations. Binance highlighted that Paysafe users can no longer deposit EUR into their Binance accounts since Monday.

Additionally, the exchange noted that the buying and selling of cryptocurrency with EUR will be discontinued starting today, September 28, from 04:00 (UTC). Similarly, Paysafe users will be unable to engage in trading activities involving EUR spot trading pairs effective today. Binance mentioned that open orders on EUR spot trading pairs will be canceled from 05:00 (UTC).

Moreover, the Paysafe-induced service disruption impacts trading bot services on Binance. The exchange stated it would cease providing Spot Trading Bots services for EUR/USDT and EUR/BUSD trading pairs specifically for Paysafe users. Also, Paysafe users with Auto-Invest EUR plans will experience a temporary pause in their services today.

These service disruption moves have not gone unnoticed in the crypto community. The prominent Binance critic Adam Cochran took to the X platform to question the rationale behind Paysafe abandoning Binance amid offering similar services to rival businesses.

Why is PaySafe, who specifically offers services for high risk businesses including crypto, cutting off Binance suddenly?

Other exchanges and vendors still seem to be able to offer PaySafe? pic.twitter.com/uiH3cs8P1X — Adam Cochran (adamscochran.eth) (@adamscochran) September 28, 2023

Meanwhile, a commenter to Cochran’s tweet argued that the EUR-based disruption would have no meaningful impact since supposedly a “bunch of Binance users do nothing with EUR on Binance spot.”