Binance, the world’s largest cryptocurrency exchange, has notified its users that it has suspended SEPA transfers.
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According to an email sent by Binance to its users, the exchange has suspended SEPA transfers. The following terms were included in the e-mail sent:
The suspension of SEPA transfers means that Binance users will lose access to one of the most common payment channels in Europe.
Binance did not explain why it had to suspend SEPA payments. However, there are various speculations about the reason for this. Binance has been working with Clear Junction bank to manage SEPA payments since June 2020. The bank may have chosen to stop working with Binance due to recent FCA actions against Binance.
Once Binance finds a new banking partner to work with, it can reactivate SEPA transfers. “We are working hard to find a solution with our partners and we appreciate your patience,” the exchange said in an email. ” was also included.
The notice from Binance also states that pending SEPA payments will be returned to customers within a week.