Cryptocurrency exchange Binance is preparing to once again accept deposits from the Single Euro Payments Area (SEPA), ending a months-long freeze.
As Bloomberg News reported, transfers from Europe to Binance were set to resume sometime Wednesday (Jan. 26), starting with customers in Belgium and Bulgaria before moving onto other countries in the coming weeks.
SEPA lets users make cashless euro payments to payees in the European Union along with multiple nations outside the EU. Binance announced in July it was suspending euro bank deposits from the SEPA network, due to “events beyond our control.”
A spokesperson for Binance said the company is working with Paysafe, the London-based payments platform, to make sure Binance can continue offering SEPA payments “for the foreseeable future.” Paysafe said the partnership will employ the company’s digital wallets technology.
Resuming access to SEPA is good news for Binance, the world’s largest crypto exchange in terms of trading volume, following a string of setbacks.
Read more: Binance Under Scrutiny in Alleged $100M Scam in Pakistan
Earlier this month, the Pakistan Federal Investigation Agency (FIA) said it was looking into a $100 million scam connected to Binance involving 11 mobile applications, 26 wallets and several thousand investors.
The FIA sent a message to Humza Khan, general manager and growth analyst at Binance Pakistan, asking if he could “explain his position on the linkage of fraudulent online investment mobile applications with Binance,” FIA head Imran Riaz tweeted on Jan. 7.
Learn more: Binance’s WazirX Targeted in Indian Tax Probe
Meanwhile, a company owned by Binance became a target in India’s ongoing crackdown on alleged tax evaders.
As PYMNTS reported earlier this month, WazirX is under investigation by the goods and service tax (GST) authority in Mumbai, after it discovered alleged tax evasion of 400 million rupees (about $5.4 million).
And last year, Ontario’s securities regulator claimed Binance had not complied with rules and isn’t permitted to trade in the province.
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