Binance Temporarily Suspends Euro Bank Deposits from SEPA Due to “Events Beyond Control”
Leading cryptocurrency exchange Binance is “temporarily” suspending euro bank deposits from one of Europe’s key payments networks, said the exchange in an email to its users.
According to an email sent, Binance customers would no longer be able to deposit funds through the Single Euro Payments Area, or SEPA, schemes with effect from 8 am UTC on July 7, 2021. SEPA withdrawals, meanwhile, are unaffected by this suspension.
This move was made due to “events beyond our control,” the exchange said.
“Any deposits attempted via SEPA in the meantime will be returned within 7 working days,” Binance said. The exchange typically accesses the network through payment intermediaries.
SEPA is a European Union project aiming to harmonize euro payments across the region by allowing its customers to send euros across three dozen countries.
As we reported, Binance is facing a string of crackdowns from regulators globally and has been having issues with payment providers. Banks like Barclays have banned transfers to cryptocurrency exchanges in order to keep their customers' money safe.
Binance customers can still deposit EUR and buy cryptocurrencies via credit or debit cards.
“We are working hard to find a solution with our partners and thank you for your patience.”