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EU SEPA transfers banned from Binance

Posted: Jul 07, 2021 07:36 Category: Crypto , Europe , Posted by
Stanley Yin

Europe’s biggest crypto exchange temporarily suspends Europe’s key payment network

Customers of the world’s largest crypto exchange Binance are no longer able to deposit funds through Single Euro Payments Area transfers (SEPA). This was announced through an e-mail to users that reads as follows:

Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA Bank Transfers from 8am UTC on July 7, 2021. You are still able to deposit EUR and/or buy cryptocurrencies via credit or debit cards on Binance.

SEPA is one of the most common payment channels in Europe, and it is unclear when Binance will lift the suspension. A statement on why exactly SEPA was banned is also missing, making room for speculation.

Binance had previously faced a row of drawbacks, including lawsuits in Thailand and also the Cayman Islands, which are the seat of Binance’s headquarters, and a partial ban in the UK. Perhaps, partners like the bank Clear Junction were deterred from continuing projects with Binance due to the legal hardships of the exchange. Clear Junction had worked on SEPA payments with Binance. This would fit a statement from Binance that they are working on a solution with their partners.

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