Binance, a popular cryptocurrency exchange, is reportedly experiencing difficulties with fiat withdrawals in Europe. The problems seem to be related to issues with Single Euro Payments Area (SEPA) transfers.
Suspension of SEPA Transfers
On August 20, Binance allegedly suspended euro withdrawals and deposits via SEPA, as revealed in a customer support message posted on X (previously known as Twitter). However, the message has since been deleted. According to the post, the exchange’s payment provider no longer supports SEPA transactions, and Binance could not provide a specific timeline for when the service would be restored. Binance’s statement read, “We understand the inconvenience this has caused, and we’re actively working to resolve this as soon as possible.”
Customer Complaints
The statement was issued in response to a supposed Binance user in Europe who claimed to have recently purchased a large amount of euros on the platform. The user reportedly complained about being unable to withdraw the funds to their bank account or sell them on Binance due to the closure of their Paysafe account. The user expressed frustration, stating, “According to customer support there is nothing I can do about it except waiting for Binance to find a new payment provider. Letting users buy EUR, just to block them from accessing it right afterward is what you would expect from scam exchanges, not Binance.”
Prior Warning and Clarification
A few months ago, Binance had informed its users that its euro banking partner, Paysafe Payment Solutions, would no longer support the crypto exchange. Binance had stated, “Users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.”
Binance responded to Cointelegraph regarding the customer support message, claiming it was “sent in error.” The exchange further explained that the SEPA deposit and withdrawal service would continue until September 25, as initially communicated.
Alternative Solutions in Progress
A Binance spokesperson told Cointelegraph that as the September 25 deadline approaches, “Some users may occasionally be asked for more information as part of routine compliance checks, which could lead to early closure of their accounts.” The spokesperson also assured that Binance would have alternative options available for users before the SEPA service ends.
It is not the first time Binance has faced withdrawal-related problems. In May, the exchange temporarily halted Bitcoin withdrawals, citing a large backlog of pending withdrawals. This happened a day after Binance’s first withdrawal outage, which occurred during a congested Bitcoin mempool with over 400,000 transactions stuck on the blockchain.
