Investing.com | Editor Venkatesh Jartarkar
Published Oct 20, 2023 09:40AM ET
Binance, the global cryptocurrency exchange, has expanded its presence in Europe by partnering with several regulated fiat service providers to handle Euro transactions. This move comes as the platform faces regulatory challenges in the EU with PaySafe, as reported on Friday.
The partnerships enable services such as Euro deposits and withdrawals via SEPA/SEPA Instant and Open Banking, Euro trading pairs, and the buying and selling of digital assets using Euros, bank cards or fiat balances. This eliminates the need for Tether conversion and is expected to attract new users seeking a Binance review.
The platform now supports crypto trading through SEPA/SEPA Instant, bank cards, and fiat balances. This broadened offering is crucial as a majority of users still favor fiat currencies for transactions, necessitating effective crypto-to-fiat conversion tools. These features lower entry barriers for newcomers and ensure smooth value transfer across the payment ecosystem.
However, while Binance is migrating users to this new platform, some have encountered issues with Euro deposits. The company also faces regulatory issues in the UK where it has halted access for new users and has yet to establish partnerships for British pound transactions, leaving GBP deposits on hold.
Binance’s objective is to facilitate global transactions through collaborations with entities that possess extensive tools and networks. Especially for centralized exchanges, these features provide novices easy access to Web3 via fiat off-ramps and on-ramps.
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Written By: Investing.com
