Binance urges users to convert EUR to USDT after Paysafe Bank ScrgruppEn

Cryptocurrency exchange Binance has urged users to convert their euros into Tether (USDT) before the end of October, after it lost the support of its banking partner.

On September 28, Binance urge European Paysafe users must convert their EUR balances in their Binance accounts to USDT before October 31, with Paysafe “unilaterally deciding to stop processing EUR deposits for Binance users.”

However, Binance noted that users may still withdraw their EUR balances from Binance accounts to their bank accounts.

“Paysafe users are advised to take appropriate action in advance.”

The company said that Paysafe users will no longer be able to trade EUR spot pairs as of September 28 at 4:00 AM UTC and open orders will be canceled an hour later. Binance Convert, which works like a token swap, will also be restricted to EUR transactions.

Screenshot of Binance’s ad for Paysafe users. Source: Binance

Paysafe suspended EUR deposits on September 25. The company has previously facilitated fiat deposits and withdrawals for Binance users in Europe, including via bank transfer in the EU’s Single European Payments Area (SEPA).

“We are working to integrate the new fiat channels into Binance soon,” the post read.

On September 27, Cointelegraph reported that Binance France proposed to its clients to immediately convert all their fiat holdings into cryptocurrencies.

Related: Binance limits withdrawals in Europe, cites payment processor issues

The move is the latest to add to Binance’s regulatory and banking woes in the West.

Paysafe also withdrew its support for sterling transactions in May following concerns raised by UK financial regulators over the partnership.

In June, Binance announced it was leaving the Netherlands, and within a week officials in Belgium ordered the exchange to stop its services. However, on September 26, it announced the reopening of new registrations for Belgian residents.

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