Binance crypto exchange temporarily suspends payments from EU's SEPA network

Binance crypto exchange temporarily suspends payments from EU's SEPA network
By Euronews with Reuters
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The major crypto exchange is under pressure from authorities around the world as governments seek to tighten regulation on cryptocurrencies.


Cryptocurrency exchange Binance will temporarily suspend euro bank deposits from one of Europe's key payments networks, it said in an email sent to users on Tuesday.

The email said that from 08:00 UTC (09:00 CEST) on Wednesday, customers would no longer be able to deposit funds through the Single Euro Payments Area, or SEPA, schemes. The move was due to "events beyond our control", the exchange said in the email.

"Any deposits attempted via SEPA in the meantime will be returned within seven working days. SEPA withdrawals are unaffected by this suspension", Binance said.

The network, which is a European Union project that aims to harmonise euro payments across the region, allows consumers to send euros across three dozen countries. Binance typically accesses SEPA through payment intermediaries.

Binance has recently faced a string of crackdowns on the platform by regulators globally.

Thailand's financial watchdog filed a criminal complaint against the cryptocurrency exchange on Friday for operating a digital asset business without a licence, and Britain's financial watchdog recently barred the company from carrying out regulated activities in the country.

In a notice dated June 25, the Financial Conduct Authority (FCA) said Binance Markets Ltd, Binance’s only regulated UK entity, “must not, without the prior written consent of the FCA, carry out any regulated activities… with immediate effect”.

Japan's regulator said last month that Binance was operating in the country illegally. Germany's watchdog said in April it risked being fined for offering tokens connected to stocks.

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