Binance, the renowned cryptocurrency exchange, has announced that Paysafe Payment Solutions, its present banking ally for euro transactions, will discontinue their support.

Per emails dispatched to Binance’s clients, Paysafe will terminate its euro services for the exchange post-September 25, 2023. Binance mentioned that it would transition to an alternate service provider for managing euro deposits and withdrawals via SEPA bank transfer, albeit the replacement’s identity remains undisclosed.

A Binance spokesperson elucidated to Cointelegraph about the necessary steps for users at the time of service cessation:

“Post the termination date, users will need to revise the bank details linked to their Binance accounts. They might also need to consent to new terms and conditions to persist in using SEPA services.”

Binance reassured that all current modes of transacting other fiat currencies, and crypto trading on Binance.com would “stay unaffected” till then.

Binance further clarified to Cointelegraph that this recent update concerning euro payments bears “no connection” to the exchange’s preceding exit from several European Union countries.

Over recent months, Binance has been on the receiving end of regulatory backlash worldwide, culminating in the termination of operations in multiple countries.

On June 16, the exchange declared its exit from the Netherlands. Post-July 17, Dutch customers have been permitted to only withdraw funds.

Within a week, Belgian officials instructed the exchange to cease all services. Furthermore, Binance Brazil’s director was summoned by the Brazilian parliament, part of ongoing probes into suspected pyramid schemes in the country.

In Australia, the local Binance subsidiary abruptly lost access to Australia’s banking system. The search for a new third-party payment provider is allegedly in progress.

Despite the global turbulence, Binance Dubai’s general manager, Alex Chehade, conveyed to Cointelegraph that the United Arab Emirates is emerging as a coveted destination for crypto enterprises, owing to regulatory clarity and a welcoming attitude towards digital assets.