Binance onboards fiat partners for Euro withdrawals and deposits following Paysafe separation

Quick Take

  • Crypto exchange giant Binance says it penned partnerships with fiat providers for Euro deposits and withdrawals.
  • The move comes a month after Binance’s original partner for Euro deposits and withdrawals, Paysafe, stopped working with the firm. 

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. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

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.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


To contact the editor of this story:
Nathan Crooks at
[email protected]