Crypto exchange Binance has partnered with London-based payments company Paysafe to resume Single Euro Payments Area (SEPA) bank transfers for customers.
Binance temporarily suspended SEPA transfers in July of last year due to “events beyond our control.” Now the exchange has begun rolling out support for SEPA — a system that allows users to make cashless euro payments via bank accounts anywhere in the European Union, as well as several non-EU countries.
"There's a small set of users who will have [SEPA] access today as part of testing before it rolls out to other users across the EEA (European Economic Area)," a Binance spokesperson told The Block.
Paysafe will essentially act as a fiat on-ramps partner for Binance in Europe. The Binance spokesperson said Paysafe has developed a platform for Binance, using both their digital wallet technology and their payment processing capabilities, which will support Binance’s fiat-to-crypto services for users in Europe.