Binance Restricts European Withdrawals Due to Payment Processor Challenges

Binance users in Europe have been facing troubles in withdrawing fiat due to operational problems in SEPA. Keeping the ongoing scenario, Binance has temporarily restricted the withdrawals in Europe because of the failed euro transaction made through SEPA (Single Euro Payments Area). Binance stated, in a now-deleted message, that withdrawal issues occurred due to temporarily suspended euro transactions via SEPA.

The reason behind Binance Customer Support Outreach

The customer support department of Binance shared the recent activity in a now-deleted message on Twitter on the 20th of August 2023. In the post, the time of resolution was not mentioned, however, it was disclosed that transactions through SEPA won’t be supported for now. Moreover, the acceptance for inconvenience was mentioned in the post and they made sure that they are actively working to resolve the issue as soon as possible.

The announcement was posted in response to a Binance user. The client claimed that he bought a reasonable amount of EUR using Binance a couple of days ago. As he tried to transfer the euro to his account or to sell on Binance due to the certain issue of closure of the Binance Paysafe account. The client said that there is nothing he could do about it, except to wait and let the issue be resolved by the Binance support team.

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Binance Customer Support’s Response

For now, Binance customer support halted the European withdrawals of EUR to cope with the payment process challenges. Customers carrying out their transactions through SEPA were allegedly finding it difficult to sell and transfer EUR to their accounts for which they addressed the issue. Taking notice of that Binance temporarily halted the transactions. Binance Customer Support added that users will have to update their bank accounts and need to agree with the new rules and regulations to carry out further payments through SEPA after the said date.