Binance Fully Resumes EUR and GBP Deposits and Withdrawals via SEPA, Faster Payments

Crypto Exchange Binance Fully Resumes EUR and GBP Deposits and Withdrawals via SEPA, Faster Payments

Cryptocurrency exchange Binance has fully resumed EUR and GBP deposits and withdrawals via the SEPA payment network and Faster Payments Services (FPS). Binance is also offering all verified users zero fees for depositing EUR via SEPA and GBP via FPS to “celebrate the return of SEPA and FPS.”

SEPA and FPS Back on Binance

Cryptocurrency exchange Binance announced Monday that at 11:00 a.m. UTC for both desktop and app:

Binance and Paysafe will fully reopen EUR and GBP deposits and withdrawals respectively via the SEPA payment network (SEPA) and Faster Payments Services (FPS).

“Binance retail users across Europe, with the exception of Netherlands and Switzerland, will be able to make EUR transfers directly via SEPA,” the exchange detailed.

The announcement adds that to “celebrate the return of SEPA and FPS,” Binance is “offering all verified users zero fees for depositing EUR via SEPA and GBP via FPS” until March 31 at 11:59 p.m. UTC.

Binance temporarily suspended EUR deposits via SEPA bank transfers in July last year. On Jan. 26, the exchange announced a partnership with Paysafe in order to bring back SEPA. The two companies launched a pilot program for EUR deposits and withdrawals via the SEPA payment network.

Similarly, Binance suspended GBP withdrawals in July last year after the British financial regulator, the Financial Conduct Authority (FCA), issued a warning that Binance was not permitted to undertake any regulated activity in the U.K.

Following the FCA’s warning, Binance’s payments solutions provider for GBP, Clear Junction, said it “will no longer be facilitating payments related to Binance.”

The FCA subsequently said in August last year that Binance has complied with its requirements. However, the regulator noted that Binance “signed an undertaking that it would not offer any cryptoasset activities unless and until either it was registered or the authority informed the firm that it could avail itself of the transitional provisions in the MLRs [Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017].”

What do you think about Binance resuming SEPA and FPS deposits and withdrawals? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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