World’s largest cryptocurrency exchange Binance temporarily suspends the payments from EU’s Single Euro Payments Area (SEPA) network.
Binance Halts Payments from SEPA Network
Binance is a decentralized crypto exchange in the world. The trademark of Binance “Buy & sell Crypto in minutes” attract large number of users to its network. Moreover the decentralized network supports the users to trade from anywhere and anytime.
As Binance is a convenient exchange platform many users are choosing it for all modes of payments. Adding to this, Binance in Euro temporarily suspends all payments through the SEPA network. This SEPA serves as a major payment network in Europe.
Further, Binance users received an email regarding the suspension of payments. It temporarily halts depositing of funds through the SEPA network. The exchange encloses the reason for this move is, due to the “events beyond our control.” And also says, the exchange experiences European headwinds over the past two weeks.Thus, the team is working towards the appropriate solution with the partners to fix the issue.
Additionally, Binance reports,
“Any deposit activity via SEPA in the meantime will be back to the account within 7 working days. SEPA withdrawals are unaffected by this suspension.”
More so, SEPA network customers can now make cashless euro payments to anywhere in the EU as well as non EU-countries. Payments through SEPA are fast, safe, efficient. SEPA’s network payment structure is competitive with the European economy by maintaining neutral standards for all participating countries.
On June 28th, Binance also shut down the UK’s faster payment network. The users were restricted to deposit and withdraw pounds using faster payments as it was suspended for maintenance.
In turn, the U.K Financial Conduct Authority (FCA) restricts Binance to perform any regulated activities in the country.
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