The Binance cryptocurrency exchange has fully reopened EUR and GBP deposit and withdrawal options via the European Union’s Single Euro Payments Area (SEPA) and UK’s Faster Payment Services (FPS), respectively.
Key takeaways:
- Binance had temporarily suspended payments from the EU’s SEPA network last July, after months of regulatory crackdown levied against the world’s leading exchange.
- A better part of the year after halting SEPA transactions, Binance announced that SEPA payments for EUR, and FPS for GBP bank transfers, are now fully reopened for its European customers.
- In January, Binance announced it had partnered with digital financial services firm Paysafe to launch the pilot program for EUR bank transfer facilitated via the SEPA payments network.
- SEPA lets customers make cashless euro payments anywhere in the EU and eligible non-EU countries. FPS is a UK banking initiative designed to reduce transaction times between users from up to three working days to just a couple of seconds.
- In celebration of the return of SEPA and FPS, Binance will be slashing fees on EUR and GBP deposits – until the end of March, Binance will charge no fees on deposits made in EUR or GBP via the newly reinstated payments options.
- In related news, Binance launched Bifinity, a fiat-to-crypto payments provider, earlier today. The newly established company has already partnered with Paysafe and Checkout.com to “grow the Web3 economy” and enable customers “to buy and sell crypto safely.”
