Binance announced that it has fully restored bank transfers for European account holders, eight months after stopping the service due to regulatory pressure.
Binance’s European users, except those in Switzerland and the Netherlands, now have access to both euro and British pound deposits and withdrawals via the Single Euro Payment Area (SEPA) and Faster Payment Services (FPS) rails, according to an announcement made today. SEPA and FPS allow consumers in Europe to move money between their bank accounts in euros and pounds. New deposits and withdrawals will be made through a cooperation with Paysafe, a UK payments provider, according to Binance.
Binance has stated that it intends to expand SEPA bank transfers to its corporate clients, despite the fact that the service is presently only available to retail consumers. In January, the exchange began testing SEPA bank transfers in preparation for the full-service launch on Monday. To pay transaction fees, bank transfers must be at least 3 EUR or 3 GBP, according to the company’s notice.
After the regulatory hurdles that plagued Binance’s operations last year, the development signifies the exchange’s reinstatement of fiat on-ramp access in Europe.
Well, that is some relief for European account holders.