Recent regulatory difficulties encountered by Binance have forced the popular cryptocurrency exchange to temporarily suspend euro-denominated bank transfers, an email recently sent to customers reveals.
In particular, SEPA transfers (Single Europe Payments Area) have been suspended indefinitely due to circumstances beyond the control of the exchange, the email reads:
“Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA bank transfers starting at 8:00 UTC on July 7, 2021.”
Although Binance did not specify the reasons for this choice, the decision is likely related to the numerous regulatory hurdles the company has recently encountered.
Banking giant Barclays announced this week that it would block payments to Binance after UK regulators warned that the exchange was operating in the UK without a proper license. “We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events.“a Binance spokesperson later commented.
In the face of growing hostility in the UK, Binance announced last month that customers will no longer be able to use the popular Faster Payments service to withdraw British pounds from the exchange.
Despite the difficulties encountered in the UK, Japan, Canada and even the US, Binance remains by far the largest cryptocurrency exchange in the world: yesterday alone the platform processed over $ 15.8 billion in transactions. Coinbase, in second position in the ranking, processed “only” 2.2 billion.