The worst year for Binance: the exchange is facing a number of difficulties, from lawsuits in America, to termination of work in the Russian Federation and problems in Europe.
What other difficulties the exchange is experiencing and what it plans to do about it, read our material
Binance is looking for a new partner as Paysafe announced it will no longer support the crypto exchange in the Eurozone.
As of 09/01/2023, Paysafe has ceased providing services for depositing and withdrawing euros via SEPA for Binance clients. Binance will also stop supporting balances in EURO; the exchange notified users about this and, in order to avoid blocking, asked them to exchange euros for USDT by October 31, 2023.
In addition, Paxos refused to support Binance’s stable coin BUSD, as a result of which Binance asks to exchange all BUSDT balances for USDT.
Other methods of depositing and withdrawing currency on the platform are still available.
Today, Binance has faced a number of difficulties, including ceasing operations in Cyprus and the Netherlands due to the lack of a VASP license.
In addition, Binance is under legal scrutiny, including an SEC lawsuit in America accusing the exchange of violating securities laws, and investigations in France, including allegations of money laundering. Given the end of support for SEPA, Binance is looking for a new partner to facilitate transactions in EURO and promises to provide information on the transition. However, the company continues to face challenges from global financial regulators.
Binance leaves Russia
“A review of our long-term strategy led us to recognize that our operations in Russia are not compatible with Binance’s regulatory compliance principles,” Noah Perlman said in a statement.
The exchange announced the conclusion of an agreement to sell the Russian business to the CommEX organization. The agreement outlines a phased exit process that will take up to 12 months to transition users to another platform.
“Despite the fact that the details of the financial part of the transaction are confidential, it must be said that Binance is completely closing its work in the Russian Federation. Unlike past transactions, Binance does not retain the right to receive profits after the sale,” the official statement emphasizes.
