Fr. Sep 29th, 2023

• Binance has started the process of early account closures for certain customers within the SEPA region.
• This move comes ahead of the previously announced termination of SEPA services on 25th September 2023 due to disruption with their EUR Fiat payments partner, Paysafe.
• Specific “high frequency Paysafe services user[s]” have received emails regarding the early closure of their accounts in order to speed up refunding process.

Binance Begins Limiting Access to SEPA Customers

Binance has begun the process of early account closures for select customers within Single Euro Payments Area (SEPA) more than a month ahead of its announced deadline on September 25th, 2023. The exchange cited disruptions with its EUR fiat payments partner Paysafe as the reason for pre-emptively disabling accounts.

Notifications Sent To Affected Users

Certain “high frequency Paysafe services user[s]” have been sent notifications regarding the closure and refunding process associated with their accounts. The email also explained that this move was made in order to expedite refunds and ensure all users are treated fairly and equitably.

Longstanding Relationship Between Binance and Paysafe

Binance has had a longstanding relationship with Paysafe since 2017 when it first began offering EUR deposits and withdrawals for its users based within SEPA region countries such as Germany, Austria, Italy, Spain, France etc.. During this period, Binance users could deposit Euros directly into their wallets without having to convert them into other currencies first. Unfortunately these services will no longer be available after September 25th following an agreement between both firms not to renew their partnership any further.

Implications For Binance Users

The termination of Binance’s relationship with Paysafe means that customers based in countries covered by SEPA will no longer be able to make direct EUR deposits or withdrawals from their wallets. This could potentially lead to higher fees for those wishing to buy or sell cryptocurrencies using Euros as they may have to convert them into another currency first before doing so. It is worth noting however that alternative payment methods such as bank transfers and credit/debit cards can still be used if desired by customers who wish to continue trading on Binance after September 25th.


In summary, Binance has begun closing certain customer accounts associated with its relationship with Paysafe earlier than originally planned due to disruptions in service provided by its EUR fiat payments partner. As a result, customers located within the Single Euro Payments Area may experience additional fees when making euro transactions after September 25th unless they use alternative payment methods such as bank transfers or credit/debit cards instead.

Von admin