After having been forced to remove SEPA transfers from its platform last July, Binance will reintroduce them thanks to a partnership with Paysafe. The option will initially be available in Belgium and Bulgaria and will then gradually be extended to the rest of Europe.
The return of SEPA bank deposits for Binance
Will SEPA (or Single Euro Payments Area) transfers soon be available again for all European Binance users? That’s what the announcement made via the official blog of the platform suggests.
This payment method was initially discontinued last July for reasons not revealed to the general public, but this was already announced as a temporary measure.
Almost 7 months later, Binance has announced that SEPA transfers will be possible again as of today, January 26, 2022 at 1pm. However, the return will be gradual, starting with an implementation in Belgium and Bulgaria, and then the measure is expected to be gradually extended to the EU member countries.
A Binance spokesperson said that the platform has partnered with Paysafe, a British company specialized in online payments, to make the return of SEPA transfers possible.
This payment method was particularly popular with Binance users as it allowed them to deposit funds on the platform without any fees. So its return should be appreciated.
A boost for Binance
The return to access to the European SEPA payment network is good news for Binance. Indeed, the latter kept encountering obstacles to its international development.
The company was beginning to be under investigation by various financial regulators in the United States, Japan and Germany. We also remember that the platform had suddenly informed its users residing in Ontario that they had until January 31, 2021 to close their account following a dispute with the regulatory authority of the province.
However, Binance is making considerable efforts to restore its image in the face of these setbacks. It was able to announce the implementation of a hub in Dubai, but also began to expand in Thailand through a partnership with Gulf Energy Development.
Note that Binance’s CEO Changpeng Zhao has always been able to react calmly and even admitted that all these regulations could eventually lead to a healthier and safer ecosystem.
The platform remains the leader among exchanges
Despite all these concerns about regulation and development standards, Binance remains the most used platform in terms of cryptocurrency exchange volume. It also boasts over 85 million users worldwide.
The tools offered by the platform are numerous, such as buying crypto-currencies, futures trading, crypto-currency staking, leveraged trading and many more.
Binance also has its own token, the Binance Coin (BNB), in 4th place in the cryptocurrency market capitalization rankings. As such, BNB has over $65 billion in market capitalization as of this writing.
For all that, Binance is not resting on its laurels and continues to expand internationally, which should keep it at #1 in the exchange rankings for a while longer.
