Regulatory constraints facing Binance have forced the popular cryptocurrency exchange to temporarily halt bank transfers denominated in euros, according to an email sent to its customers on Tuesday.
Specifically, euro deposits via the Single Europe Payments Area, or SEPA, have been put on hold indefinitely due to circumstances beyond the exchange’s control, Binance said in the email:
“Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA Bank Transfers from 8 am UTC on July 7, 2021.”
The email was sent a day after British financial giant Barclays announced it would no longer facilitate customer payments to Binance after financial regulators warned customers that the exchange was operating in the United Kingdom without proper licensing. In a follow up with Cointelegraph, a Binance spokesperson said the exchange was disappointed by Barclays’ ”unilateral action” to block customer payments.
Faced with growing regulatory scrutiny in the United Kingdom, Binance last month said users will no longer be able to use the popular Faster Payments onramp to withdraw British pounds from the exchange.
This story is still in development .
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.