Binance terminates Euro deposits via SEPA
KEY INSIGHTS:
- Crypto exchange Binance emailed users regarding the temporary termination of Euro deposits via SEPA.
- The email mentioned that from 1:30 p.m. IST on 7 July, users will be unable to deposit funds via SEPA schemes.
- This step was taken due to situations beyond the exchange’s control, as the email stated.
- Recently, Binance has been experiencing a series of clampdowns by regulators on the platform.
Crypto exchange Binance reportedly emailed its users on 6 July about the temporary suspension of euro bank deposits via the Single Euro Payments Area (SEPA). SEPA is a European Union initiative concerning payment-integration, and it is one of the chief payments network of Europe.
The email mentioned that from 1:30 p.m. IST on 7 July, users will be unable to deposit funds via SEPA schemes. This step was taken due to situations beyond the exchange’s control, as the email stated.
“Any deposits attempted via SEPA in the meantime will be returned within 7 working days. SEPA withdrawals are unaffected by this suspension.”
-Binance
This European Union initiative (SEPA) aims to make bank transfers dominated in Euro simple and convenient. Its chief objective is to enhance the facilitation of cross-border payments. Currently, SEPA has 36 member states. SEPA is accessed by Binance commonly via payment intermediaries.
Recently, Binance has been experiencing a series of clampdowns by regulators on the platform.
Lately, the financial inspector of Thailand filed a criminal complaint against Binance for running a virtual asset firm sans a licence. Even Britain recently prohibited the exchange from performing regulated activities in the nation.
In the previous month, Japan’s financial watchdog stated that Binance had been running illegitimately in the country. This year in April, Germany’s regulator said that it risked getting charged for providing tokens linked to stocks.
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