Binance suspends deposits from key European payments network

Count this as the latest hurdle for cryptocurrency exchange giant Binance. 

The ambiguously headquartered firm told its users in an email that it will be suspending euro bank deposits sent from one of Europe's critical payment networks: the Single Euro Payments Area, or Sepa, according to a report by The Financial Times

The exchange said the decision was caused by "events beyond our control," the FT noted. 


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Binance previously accessed Sepa through various intermediaries, according to the report. Sepa links up payment networks throughout the region, allowing customers to move euros across countries. Binance said the move to cut deposits will be temporary. 

The alert follows a string of regulator actions against the firm. Last month, UK regulators said the firm is banned from participating in regulated activities in the country, as previously reported by The Block

Meanwhile, Japan's financial regulator has issued a warning against the firm, saying it's not registered to operate in the country.

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About Author

Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].