Binance, a leading cryptocurrency exchange, has formed new partnerships to manage euro transactions following its split from its previous fiat partner PaySafe due to European Union regulatory issues. The partnerships were established on Friday and include European companies such as TrueLayer and Nuvei (TSX:NVEI). These alliances will facilitate euro transactions via Open Banking and SEPA/SEPA Instant and enable the trading of EUR spot pairs.
Users can now transact crypto using SEPA, bank cards, their fiat balances, and Tether (USDT), which Binance had previously suggested as an alternative to euros. Despite these developments, some users have reported difficulties in making euro deposits.
The separation from PaySafe occurred after the company ceased GBP transactions in May amid concerns from UK financial regulators like the Financial Conduct Authority (FCA). Following this, Binance suspended access for new UK users after terminating a partnership in compliance with FCA's communication regulations. As of now, Binance is still seeking fiat partnerships for its UK exchange as British users remain unable to deposit GBP.
While navigating these changes, Binance is also facing regulatory scrutiny in the U.S., with lawsuits from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). In a separate regulatory action, Binance complied with an Israeli police directive to freeze over 100 accounts.
In unrelated news, BlackRock (NYSE:BLK) shares have been digitized on JPMorgan’s Onyx blockchain.
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