According to an article that has since been deleted on Twitter, Binance has acknowledged that unsuccessful customer withdrawals are attributed to the temporary suspension of euro (EUR) transactions through the Single Euro Payments Area (SEPA) by stating.
Current Binance customers located in Europe are encountering difficulties with withdrawing funds
Previously, customers of this exchange reported difficulties in cash withdrawals due to issues related to SEPA. On August 20th, Binance’s customer service department posted on X (the post has now been deleted) that the exchange does not have a specific timeline for restoring transfer operations via SEPA, and revealed that its payment service provider “can no longer support these transactions.”
Several months after Binance announced the termination of support from its European banking partner, Paysafe Payment Solutions, news surfaced regarding this matter on the platform.
The representative of Binance has relayed that the customer support post on X was a miscommunication
Binance has recently announced the temporary suspension of EUR deposits and withdrawals through SEPA, which stands for Single Euro Payments Area. This payment initiative is a Euro-integrated payment system implemented by the European Union to facilitate simplified bank transfers in Euro currency.
We regret to inform you that we have temporarily suspended the withdrawal and deposit of EUR funds via the SEPA system, which pertains to the matter you raised. Unfortunately, our provider no longer supports this transaction. We understand the inconvenience caused and are actively working towards resolving this issue as soon as possible.
Currently, we do not have a precise timeline for the restoration of SEPA transfer system. While waiting for its resumption, we suggest alternative methods for trading cryptocurrencies. You may utilize your Visa card through our platform.
In a separate statement, a representative from Binance has indicated that as September 25th approaches, some users may be requested to furnish additional information as part of the compliance verification process, which could result in the early closure of their accounts. Additionally, Binance has affirmed that it will provide alternative options for users before the SEPA service ceases to operate, thereby ensuring uninterrupted access to its platform. The tone of the statement is formal and informative.
Binance has encountered frequent withdrawal issues in Europe, indicating a non-negligible occurrence of such hindrances within the region
In the month of May, trading platform suspended bitcoin withdrawals due to an overwhelming number of pending requests. This suspension notice occurred only one day after Binance experienced its first-ever withdrawal incident, during which over 400,000 transactions remained stuck on the trading platform.
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