Binance Reopens Euro, British Pound Transfers

Nine months after Binance suspended deposits into European Union banks and withdrawals of British pounds, the cryptocurrency exchange has resumed both, the Cayman Islands-based digital network announced Monday (March 7).

The transactions can be completed through the Single Euro Payments Area (SEPA) payment network and the Faster Payments Services (FPS). Customers can access these services on their desktop or the app.

“Binance and Paysafe will fully reopen EUR and GBP [British pounds] deposits and withdrawals respectively via the SEPA payment network FPS,” the company said in a statement. “Binance retail users across Europe, with the exception of Netherlands and Switzerland, will be able to make EUR transfers directly via SEPA.”

SEPA was established by the European Union and the European Payments Council to simplify making international payments in euros.

Last summer, PYMNTS reported Binance customers using the United Kingdom’s-based FPS payment system were “suspended for maintenance” from withdrawals and deposits of pounds using the platform via FPS.

See also: Binance Users Shut Off From UK Faster Payments Network

That news followed the Financial Conduct Authority’s (FCA) ban on the cryptocurrency exchange from operating in Britain.

To welcome customers back, Binance said they will not charge fees for depositing EUR via SEPA and GBP via FPS through the end of March.

Binance noted that it has no control over, and is not responsible for, any fees or charges for the deposit that their banks may charge.

“Users are advised to consult with their banks on any possible fees charged by their banks when performing the deposit,” Binance wrote.

For now, Binance said while corporate accounts are not available, the company is collaborating with Paysafe to expand their scope of services.

On Monday (March 7), Binance launched its own payments technology firm Bifinity, which aims to work with payments processor Checkout.com to provide fiat currency for users of cryptocurrency exchanges, enabling them to use digital assets for retail purchases.

See also: Binance Jumps Into Payments Processing, Eyes Web3