Binance announced that it has fully restored bank transfers for European user accounts, eight months after stopping the function due to regulatory duress.
Without including users from the Netherlands and Switzerland, all Binance users in Europe will have access to withdrawals and deposits in Euro and British Pound via Faster Payment Services (FPS) and Single Euro Payment Area (SEPA), as per the official announcement on Monday.
SEPA and FPS enable customers in Europe to move money between their bank accounts in euros and pounds. New deposits and withdrawals will be made through cooperation with Paysafe, a UK payments provider, according to Binance.
Binance has stated that it intends to offer SEPA bank transfers to its corporate customers, despite the fact that the service is presently only available to retail consumers. In January, the exchange began testing SEPA bank transfers in anticipation of the full-service launch on Monday.
To pay transaction fees, bank transfers must amount to 3 EUR or 3 GBP at the very least, according to the notice from Binance. Following regulatory hurdles that plagued Binance’s operations in 2021, the development signifies the exchange’s reinstatement of fiat on-ramp accessibility in Europe.