The global crypto exchange has been facing intense regulatory scrutiny. Most of its regulatory issues are in Europe
Binance has urged customers in France to convert their fiat currency on the exchange to crypto. This comes on the heels of the crypto exchange losing its euro banking partner Paysafe.
As part of the partnership, Paysafe provided Binance France with infrastructure for euro deposits and withdrawals via SEPA bank transfers. The companies announced the drawing end of their partnership in June. It expired on September 25 with Binance yet to reveal a new partner.
Speaking on French radio station BFM, a Binance confirmed that the exchange recommended that users convert their fiat to cryptocurrency for free as soon as they could. He added:
“Binance is working as quickly as possible to onboard its new partners and will have an update in the very near future.”
French customers have confirmed that when they open their Binance mobile app, they are met with a popup message prompting them to convert their fiat balance to crypto.
Binance customers in Europe began to have trouble making fiat withdrawals in late August. The company then announced that it had suspended euro transactions through SEPA Bank as it was not able to support them without a payment provider.
Binance Announces Russia Exit amid Regulatory Pressure
In a Wednesday, September 27 press release, Binance announced that it has entered an agreement to sell its Russia business to CommEX. It stated that the firms will cooperate to ensure a smooth transition for users. The exchange will sunset all its services and businesses in the country over new coming months.
The global crypto exchange has been facing intense regulatory scrutiny. Most of its regulatory issues are in Europe. In mid-June, for instance, the exchange announced that it was exiting the Netherlands. A few days later, Belgian authorities ordered Binance to cease all operations in the country. More recently, it was been reported that Binance was being probed by law enforcement over an alleged failure to comply with financial sanctions leveled against Russia.
“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” said Noah Perlman, Binance’s Chief Compliance Officer. “We remain confident in the long-term growth of the web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.”