Binance penned new partnerships with fiat providers to enable Euro transactions, a month after Binance's original Euro banking partner Paysafe stopped working with the firm.
"We have signed agreements with a number of new regulated and authorized fiat partners to provide a variety of fiat services to our community. Users have already started being migrated to the new services," Binance wrote in a Thursday release.
Services stemming from the partnership includes EUR transactions via Open Banking and SEPA/SEPA instant, crypto trades with bank cards and fiat balances, and buying and selling crypto with SEPA/SEPA Instant. "SEPA," or Single Euro Payments Area, includes 36 countries that enable cashless Euro payments in the European Union.
"Being able to easily convert fiat to crypto, and back to fiat again, is a crucial part of advancing the adoption of digital assets globally. Without an easy way to buy or sell crypto, users who are new to the space can find the process of buying or selling crypto unintuitive and intimidating. Offering fiat services provides essential ease of use to all participants in the crypto ecosystem," Binance added.
Binance's European setbacks
Binance's new partnerships come after the firm experienced another major setback in the summer, when the German financial regulator BaFin rejected Binance's custody license application.
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