Binance to resume SEPA bank transfers in partnership with Paysafe
January 26, 2022, 8:21AM EST
1 min read
Crypto exchange Binance has partnered with London-based payments company Paysafe to resume Single Euro Payments Area (SEPA) bank transfers for customers.
Binance temporarily suspended SEPA transfers in July of last year due to “events beyond our control.” Now the exchange has begun rolling out support for SEPA — a system that allows users to make cashless euro payments via bank accounts anywhere in the European Union, as well as several non-EU countries.
"There's a small set of users who will have [SEPA] access today as part of testing before it rolls 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. The Binance spokesperson said Paysafe has developed a platform for Binance, using both their digital wallet technology and their payment processing capabilities, which will support Binance’s fiat-to-crypto services for users in Europe.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
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.