Thursday, July 29

Cryptocurrency Exchange Binance Suspends SEPA Transfers

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The world’s largest cryptocurrency exchange, Binance, has notified its users that it has suspended SEPA transfers.

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According to an email sent by Binance to its users, the exchange has suspended SEPA transfers. The following statements were included in the e-mail sent:

“Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA Bank Transfers from 08:00 UTC (11:00 UTC) on 7 July 2021. You can still deposit EUR and/or buy cryptocurrencies with credit or debit cards on Binance.”

The suspension of SEPA transfers means that Binance users will lose access to one of the most common payment channels in Europe.

Binance did not explain why it had to suspend SEPA payments. However, there are various speculations regarding the reason for this. Binance has been working with Clear Junction bank to manage SEPA payments since June 2020. The bank may have chosen to stop working with Binance due to recent FCA actions against Binance.

Binance can re-enable SEPA transfers when it finds a new banking partner to work with. “We are working hard with our partners to find a solution and we appreciate your patience,” the exchange emailed. statements were also included.

The message from Binance also states that pending SEPA payments will be returned to customers within a week.

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