Users of Binance reported Tuesday that they received a notice by the exchange regarding the suspension or withdrawal of euro deposits via Single Euro Pays Area (SEPA), transfers. Binance shared the following notice on social media.
We are temporarily suspending EUR bank transfers via SEPA bank transfer due to unforeseeable events. This will take effect at 8am UTC on July 7, 2021. Binance still allows you to deposit EUR or buy cryptocurrencies using credit and debit cards.
The notice states that we are trying to find a solution together with our partners. We appreciate your patience. Any deposits made via SEPA will be returned within seven working days.
The Financial Times reported Tuesday’s news that Binance had suspended euro bank deposits. They also cited the email sent by the exchange to users.
SEPA allows customers to send cashless euro payments via direct debit and credit transfer to any country in the European Union.
Binance has been experiencing increasing difficulties in recent years. Many regulators around the world have warned Binance against illegally operating in their country without proper registration.
The Securities and Exchange Commission of Thailand (SEC) has filed a criminal case against Binance. Similar notices were also issued by Japan and Cayman Island in the U.K.
The U.K. Financial Conduct Authority (FCA), which banned the exchange from operating in the U.K., issued a notice that deposits from the Faster Payments network were to be suspended.
According to reports, several banks in the U.K. have stopped funds transfers to Binance. This includes Natwest and Barclays. Other banks in the country are also evaluating the situation.