Binance announced that European clients of the exchange, with the exception of users from Switzerland and the Netherlands, can now make deposits and withdrawals in euros and British pounds sterling, using bank accounts. This will again be used by the European payment system SEPA and Faster Payments Service (FPS).
Binance clarified that bank transfers must be at least €3 or £3 to cover the transaction fee. However, to “mark a return” to SEPA and FPS, until March 31 all verified Binance users will be able to deposit euros through SEPA and pounds sterling through FPS without commissions.
The exchange plans to extend these benefits from individual users to corporate clients. Deposits and withdrawals will be made in partnership with the U.K. payment company Paysafe.
The U.K. Financial Conduct Authority (FCA) recently raised concerns about Binance’s partnership with Paysafe, fearing that the marketplace would resume transactions in pounds sterling. At the end of June last year, Binance stopped using FPS in the U.K. because of the FCA claims, as the agency banned the exchange to operate in regulated industries. And in July, Binance suspended the acceptance of deposits from bank accounts through SEPA.
A few days ago, Binance CEO Changpeng Zhao said that he would not block the accounts of all Russian users or freeze their assets.