Binance suspends deposits from key European payments network

advertisement

Count this as the latest hurdle for cryptocurrency exchange giant Binance. 

The ambiguously headquartered firm told its users in an email that it will be suspending euro bank deposits sent from one of Europe's critical payment networks: the Single Euro Payments Area, or Sepa, according to a report by The Financial Times

The exchange said the decision was caused by "events beyond our control," the FT noted. 

Binance previously accessed Sepa through various intermediaries, according to the report. Sepa links up payment networks throughout the region, allowing customers to move euros across countries. Binance said the move to cut deposits will be temporary. 

The alert follows a string of regulator actions against the firm. Last month, UK regulators said the firm is banned from participating in regulated activities in the country, as previously reported by The Block

Meanwhile, Japan's financial regulator has issued a warning against the firm, saying it's not registered to operate in the country.

For more breaking stories like this, make sure to subscribe to The Block on Telegram.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More