Binance advised Paysafe users to convert euros to USDT

The cryptocurrency exchange Binance advised Paysafe users to convert euros on their balance into the stablecoin USDT by October 31, ceasing from today all purchases, sales and trading of this fiat currency.

The banking partner refused to provide the platform with deposit-processing services from September 25, as had been announced earlier. Nevertheless, Binance called Paysafe’s decision ‘sudden’.

The exchange is currently working on integrating new fiat channels. The process is expected to take several days.

At present, users can purchase cryptocurrency with euros via credit or debit cards and withdraw fiat to bank accounts.

Earlier, on August 16 the exchange closed the fiat-to-crypto platform Binance Connect (Bifinity).

Bifinity launched in March 2022 in partnership with Checkout.com, Paysafe and other partners.