Crypto Exchange Binance Suspends Euro Deposits via SEPA Bank Transfers

Price Indexes Dec 19, 2022 0 85 Add to Reading List

Troubles at cryptocurrency exchange Binance continue as the platform is now suspending euro deposits via SEPA bank transfers. Binance says the suspension is temporary and it is due to events beyond its control.

Binance’s Troubles Extend to SEPA Transfers

Binance users reported Tuesday that they have received a notice from the exchange about the suspension of euro deposits via Single Euro Payments Area (SEPA) transfers. According to the notice shared on social media by several people, Binance explained:

Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA bank transfers from 8am UTC on July 7, 2021. You are still able to deposit EUR and/or buy cryptocurrencies via credit or debit cards on Binance.

The notice continues: “We are working hard to find a solution with our partners and thank you for your patience … Any deposits attempted via SEPA in the meantime will be returned within 7 working days.”

The Financial Times also reported the news of Binance suspending euro bank deposits Tuesday, citing the exchange’s email to users.

SEPA allows customers to make cashless euro payments, via credit transfer and direct debit, to anywhere in the European Union as well as a number of non-EU countries.

Binance’s troubles have been growing recently. Several regulators worldwide have issued a warning to the exchange for illegally operating in their countries without proper registration. Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against Binance this week. Cayman Island, the U.K., and Japan also issued a similar notice.

Following the notice by the U.K. Financial Conduct Authority (FCA) banning the exchange from operating in the U.K. without a license, deposits from the U.K.’s Faster Payments network to Binance were suspended.

Several banks in the U.K. have reportedly stopped fund transfers to Binance, including Barclays and Natwest. A number of other banks in the country are evaluating the situation.