Binance Cryptocurrency Exchange Temporarily Suspends Payments From EU's SEPA Network

"Any deposits attempted via SEPA in the meantime will be returned within 7 working days," Binance said.

Binance Cryptocurrency Exchange Temporarily Suspends Payments From EU's SEPA Network

Binance has recently faced a string of crackdowns on the platform by regulators globally

Highlights
  • The development was reported earlier by the Financial Times
  • Thailand's financial watchdog filed a criminal complaint against Binance
  • Britain's watchdog barred Binance from carrying out regulated activity
Advertisement

Cryptocurrency exchange Binance will temporarily suspend euro bank deposits from one of Europe's key payments networks, it said in an email sent to users on Tuesday.

The email said that from 8 am UTC (1:30pm IST)  on Wednesday, customers would no longer be able to deposit funds through the Single Euro Payments Area, or SEPA, schemes. The move was due to "events beyond our control", the exchange said in the email.

"Any deposits attempted via SEPA in the meantime will be returned within 7 working days. SEPA withdrawals are unaffected by this suspension", Binance said.

The development was reported earlier by the Financial Times.

The network, which is a European Union project that aims to harmonise euro payments across the region, allows consumers to send euros across three dozen countries. Binance typically accesses SEPA through payment intermediaries.

Binance has recently faced a string of crackdowns on the platform by regulators globally.

Thailand's financial watchdog filed a criminal complaint against the cryptocurrency exchange on Friday for operating a digital asset business without a licence, and Britain's financial watchdog recently barred the company from carrying out regulated activities in the country.

Japan's regulator said last month that Binance was operating in the country illegally. Germany's watchdog said in April it risked being fined for offering tokens connected to stocks.

© Thomson Reuters 2021


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Binance, Cryptocurrency
Elon Musk vs Jeff Bezos vs Richard Branson: Who Is Winning the Space Tourism Race?
Twitter Ordered by French Court to Provide Details on What It Is Doing to Tackle Hate Speech
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »