Crypto exchange Binance was left without a banking partner

Binance has lost another banking partner, and in the UK, another bank has stopped transfers to the exchange

Cryptocurrency exchange Binance was left without a European banking partner who processed transfers in euros. CoinDesk writes about this with reference to a representative of the trading platform.

In letters to customers, Binance said that its financial provider Paysafe Payment Solutions Limited will stop processing bank transfers in euros starting September 25, 2023. Until the announced date, exchange customers will still be able to make transfers in euros. The letter noted that the restrictions apply only to transfers in the currency of the "eurozone" from Paysafe. Other bank transfers to Binance credentials remain valid. What exactly was the reason for the breakup of cooperation with Paysafe is unclear.

At the same time, Protos, citing Binance customers, reports that the British digital bank Nomo Bank has imposed restrictions on bank transfers to cryptocurrency exchange addresses. Nomo Bank said it imposed the restrictions "following other UK banks, recent adverse news and regulatory concerns."

The bank assures that the restrictions are related to the desire to "help keep money safe." Recall that in the UK, several banks and fintech companies have already publicly announced the blocking of money transfers to Binance accounts. These included Barclays, Santander, HSBC, Revolut and others.

Earlier, the authorities of the European Union (EU) suspected subsidiaries of the Binance crypto exchange of illegal activities. Concerns arose due to the unclear operations of the exchange in Ireland and Malta. As the editors wrote, against the backdrop of numerous investigations, Binance is actively curtailing its activities in Europe. Over the past month, the crypto exchange has left several European countries at once: Cyprus, the Netherlands, the United Kingdom and Belgium.