Binance Announces Resumption of SEPA Payments Integration

Binance will be rolling out SEPA withdrawals and deposits for the EU and other non-EU countries in due course, following a suspension of SEPA services in July 2021.

Binance will reinstitute the facility for users to accept European deposits from the Single Euro Payments area network in the next few hours. Payments from this network were suspended for a few months, said a person familiar with the matter. Binance will launch a pilot phase on Jan. 26, 2022, at 13:00 UTC in Belgium and Bulgaria. Users participating in the pilot program were selected based on a set of testing criteria. SEPA Withdrawals via bank transfers will also be offered. A user’s identity must be verified to perform a SEPA transfer.

Binance had stopped accepting payments from SEPA in July 2021. SEPA allows cashless payments to be made to countries in the European Union and other countries.

Binance will be using UK-based Paysafe as a fiat on ramp for cryptocurrency transactions on SEPA. They will be using SEPA to accept deposits “for the foreseeable future.” Paysafe has confirmed the partnership, which will make use of Paysafe’s digital wallet technology. Paysafe also partnered with Coinbase to release its debit card in 2019.

Binance will be hoping to improve reputation

Binance will hope that this partnership will help improve its reputation. It was recently brought to book by Canadian authorities to tell Canadian users that it was permitted to offer trading when it was not licensed to do so. Binance is the world’s largest cryptocurrency exchange by trading volume. It does not have a physical headquarters, although the crypto exchange is in talks with UAE regulators to potentially have one. Binance is upping the ante on its positive PR, announcing that it will beef up compliance-related positions in a bid to re-launch in the U.K. in six to twelve months, BeInCrypto reported in Dec. 2021.

What is SEPA?

The SEPA coordinates and unifies how cashless payments are made across Europe, making cross-border payments as easy as domestic payments. SEPA encompasses the E.U.together with Andorra, Iceland, Norway, Switzerland, Liechtenstein, Monaco, San Marino, United Kingdom, Vatican City State, Mayotte, Saint-Pierre-et Miquelon, Guernsey, Jersey, and the Isle of Man.

KuCoin recently began accepting payments via SEPA, which allows users the ability to deposit €1M in a single payment. There are no fees for deposits. The CEO of KuCoin Global has said, “KuCoin is dedicated to providing all classes of investors with the easiest and fastest crypto trading experience. The integration of SEPA payment is another huge step forward for KuCoin to facilitate the global free flow of digital value.”

What do you think about this subject? Write to us and tell us!  

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Source

Related Posts

Axie Infinity Ronin Bridge Hacker has already moved 38,293 ETH ($114.8 million)

Axie Infinity Ronin Bridge Hacker has already moved 38,293 ETH ($114.8 million)

Ethereum › Hacks Hackers who stole over $615 million in the Ronin Network exploit have already moved over $114 million worth of Ethereum. 2 min readUpdated: April 20, 2022 at 1:41 am Cover art/illustration via CryptoSlateAlmost a month ago, Ronin Network, the side-chain built to scale Axie Infinity was exploited by hackers who made off…

Bulls in Control: Radio Caca (RACA) Listing Rumors on Binance Send Token up 20%

Bulls in Control: Radio Caca (RACA) Listing Rumors on Binance Send Token up 20%

Rumors of a possible listing of Radio Caca (RACA) on Binance made the RACA token rise more than 20% this Sunday morning (USA), according to data from the CoinGecko portal. The cryptocurrency that had been trading around $0.0018 surged to $0.0021 in less than 1 hour, boosted by rumors. At the time of writing, the…

Axie Infinity sees ‘no signs of buyers’ as AXS price tumbles 30% in two weeks

Axie Infinity sees ‘no signs of buyers’ as AXS price tumbles 30% in two weeks

Axie Infinity (AXS) price has fallen by nearly 30% two weeks after losing $625 million to a hacking incident involving its play-to-earn gaming platform’s underlying blockchain, the Ronin Network.AXS/USD dropped to $46.69 on April 11, its lowest level since March 16, signaling a dampening buying sentiment among traders and investors following the hacking incident. Independent…

Play to Earn Game Edensol Integrates Secretum Messaging and Trading dApp

Play to Earn Game Edensol Integrates Secretum Messaging and Trading dApp

With the appearance of Metaverse, GameFi projects’ popularity is increasingly growing in the blockchain space whereas Web 2.0 traditional tools seem to be obsolete and not adapted to the Web 3.0 conceptual step up. This instrumental gap is filled by a unique partnership between Secretum and Edensol. Security, transparency, decentralization and immediacy as fundamental values…