Crypto exchange Binance suspends deposits from SEPA

July 7, 2021 0 Comments

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Binance is facing yet another challenge after the cryptocurrency exchange suspended deposits from SEPA, Europe’s leading payment service.

Leading cryptocurrency exchange Binance has revealed that it will no longer support deposits from one of Europe’s critical payment networks: the Single Euro Payments Area, or SEPA. This is the latest challenge for the crypto exchange in the U.K and Europe.

Binance informed its users of this decision via an email yesterday. According to a report by the Financial Times, Binance said it had to suspend the payment option due to events beyond its control.

The report added that the cryptocurrency exchange was previously accessing SEPA via intermediaries. SEPA is popular as it links payment networks in Europe, making it easy for people to move Euros within the continent. However, Binance assured its customers that the ban on SEPA deposits is only temporary.

This latest development comes after the cryptocurrency exchange experienced numerous challenges from regulators across the world. It began with the U.K’s Financial Conduct Authority (FCA) telling Binance that it doesn’t have the licence to conduct regulated activities in the region.

The move saw some banks limit their clients’ interactions with Binance. Barclays announced during the weekend that its clients will no longer be able to deposit funds into their Binance account using any of its approved debit or credit cards.

The Cayman Island regulators also came out to clarify that Binance wasn’t a registered entity in the region. Last month, Japan’s financial regulator issued a warning to Binance, stating that it is not registered to operate in the Asian country.

Binance has been the leading crypto exchange for the past few years. It heads the market in terms of daily cryptocurrency volume and controls some key platforms such as the Coinmarketcap and Indian-based WazirX exchange.

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