Binance crypto exchange temporarily suspends payments from the EU’s SEPA network
(Reuters) – The Binance cryptocurrency exchange will temporarily suspend euro bank deposits from one of Europe’s major payment networks, he said in an email sent to users on Tuesday.
The email said that from 8 a.m. Coordinated Universal Time on Wednesday, customers would no longer be able to deposit funds through the systems of the Single Euro Payments Area, or SEPA. The move was due to “events beyond our control,” the exchange said in the email.
“All deposits attempted through SEPA in the interim will be returned within 7 business days. SEPA withdrawals are not affected by this suspension,” Binance said.
The development was reported earlier by the Financial Times.
The network, which is a European Union project that aims to harmonize euro payments in the region, allows consumers to send euros to three dozen countries. Binance typically accesses SEPA through payment intermediaries.
Binance recently faced a series of crackdowns on the platform by regulators around the world.
The Thai financial watchdog filed a criminal complaint against the cryptocurrency exchange on Friday for operating an unlicensed digital asset business, and the UK financial watchdog recently banned the company from carrying on business. regulated activities in the country.
The Japanese regulator said last month that Binance was operating illegally in the country. The German watchdog said in April it was facing a fine for offering tokens linked to stocks.
(Reporting by Kanishka Singh and Ann Maria Shibu in Bangalore; Editing by Leslie Adler and Sonya Hepinstall)