Paysafe Halts EUR Deposits for Binance Users: What You Need to Know

Key Takeaways

* Paysafe Payment Solutions Limited discontinues EUR deposits for Binance users.

* Affected users have until October 31, 2023, to convert EUR balances to USDT.

* Multiple Binance services, including Spot Trading and Auto-Invest, impacted.

Paysafe Payment Solutions Limited (Paysafe) has unilaterally decided to cease processing EUR deposits for Binance users, effective September 25, 2023, at 00:00 (UTC). The abrupt move has left many in the crypto community puzzled, as no clear reason has been provided for the decision.

Binance has advised Paysafe users to convert their EUR balances to USDT before October 31, 2023, at 00:00 (UTC). Users can also continue to withdraw their EUR balances to their respective bank accounts. The company assures that all funds are secure and that other crypto-related services remain unaffected.

The decision has led to a series of disruptions across various Binance services:

Spot Trading: Effective from September 28, 2023, at 04:00 (UTC), all Paysafe users will be unable to trade EUR spot trading pairs. Open orders on these pairs will start to be canceled from September 28 at 05:00 (UTC).

Buy/Sell Crypto: Starting from September 28, 2023, at 04:00 (UTC), users will no longer be able to buy or sell crypto with EUR balances.

Binance Convert: The Convert feature will be restricted to EUR reduce-only mode from September 28 at 04:00 (UTC).

Auto-Invest: Auto-Invest EUR plans for Paysafe users will be paused from September 28 at 04:00 (UTC).

Binance is actively working to integrate new fiat channels to mitigate the impact of this decision.