Following the loss of its euro banking partner, Paysafe, Binance France has proposed that its clients immediately convert all fiat funds they hold on the exchange into cryptocurrencies, according to an executive’s comments to local media.
The partnership between Binance France and Paysafe ended on September 25. The latter was supporting the French branch of Binance with the infrastructure for deposits and withdrawals in euros via SEPA bank transfer. The end of the partnership was announced in late June, but as of this week, Binance France had yet to find a new partner.
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On September 26, a company spokesman said Certain According to French radio station, BFM, Binance France is currently recommending users convert their fiat balances into cryptocurrencies for free as soon as possible:
“Binance is working as quickly as possible to onboard new partners and will update in the very near future.”
As reported by users, a window appears with a proposal to automatically convert the cash balance into cryptocurrencies when launching the mobile application.
In late August, Binance customers were already experiencing an issue with fiat withdrawals in Europe. The company revealed at the time that it had stopped withdrawals and deposits in euros through the SEPA region due to its inability to support them without a payment provider.
Cointelegraph has reached out to Binance for further comment, but has not yet received a response.
Binance, which has been under close scrutiny by law enforcement over its alleged failure to comply with financial sanctions imposed on Russia, has faced ongoing regulatory issues for months, especially in Europe. On June 16, the exchange announced its departure from the Netherlands. Less than a week later, officials in Belgium also ordered the exchange to halt all services.
On September 27, the company announced its complete exit from Russia by selling its company to the newly launched cryptocurrency exchange, CommEX.
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