After being 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 across Europe
Binance returns to SEPA bank deposits
Will SEPA (or Single Euro Payments Area) transfers soon be available to all European Binance users again? This is 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 credit transfers will be possible again from today, 26 January 2022 at 1pm. However, the return will be gradual, starting with a roll-out in Belgium and Bulgaria, and then the measure is expected to be gradually extended to the EU member states.
A Binance spokesperson said the platform had partnered with Paysafe, a UK-based online payments company, to make the return of SEPA credit transfers possible.
This payment method was particularly popular with Binance users as it allowed them to deposit funds on the platform without any fees. Its return should therefore be appreciated.
A boost for Binance
The return of 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 burdened with investigations by various financial regulators in the United States, Japan and Germany. We also recall that the platform suddenly informed its users residing in Ontario that they had until 31 January 2021 to close their account following a dispute with the province’s regulatory authority.
However, Binance is making considerable efforts to improve its image in the face of these setbacks. It has announced the implementation of a hub in Dubai, but has also started to expand in Thailand through a partnership with Gulf Energy Development.
Binance’s CEO Changpeng Zhao has always reacted calmly and even admitted that all these regulations could finally lead to the development of a healthier and safer ecosystem.
Platform remains leader in exchanges
Despite all these regulatory concerns and development standards, Binance remains the most widely used platform in terms of cryptocurrency exchange volume. It also boasts over 85 million users worldwide.
Cryptocurrency trading volumes by platforms
The tools offered by the platform are numerous, such as buying crypto-currencies, futures trading, crypto-currency staking, leveraged trading and more.
Binance also has its own token, the Binance Coin (BNB), which is ranked 4th in the cryptocurrency market cap. As such, BNB has over $65 billion in market capitalisation at the time of writing.
For all that, Binance is not resting on its laurels and continues to expand internationally, which should allow it to remain 1st in the exchange rankings for a while longer.
