Crypto exchange Binance has partnered with London-based payments company Paysafe to resume bank transfers in the Single Euro Payments Area (SEPA) for customers.
Binance temporarily suspended SEPA transfers in July last year due to “events beyond our control”. Now the exchange has started rolling out support for SEPA – a system that allows users to make euro cashless payments using bank accounts anywhere in the European Union as well as several non-EU countries.
“There is a small group of users who will have [SEPA] Access today as part of testing before rolling 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. Binance’s spokesperson said Paysafe has developed a platform for Binance, leveraging both their digital wallet technology and payment processing capabilities, which will support Binance’s fiat-to-crypto services for users in Europe.