Binance suspends deposits from key European payments network
July 6, 2021, 4:54PM EDT
1 min read
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.
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