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Crypto: Binance Struggles in Europe, What's the Alternative in France After Paysafe?

Thu 28 Sep 2023 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Crypto regulation

It’s truly the end! Binance and PaySafe are now heading in opposite directions. But after the contract expiration, the cryptocurrency giant is struggling to find new banking partners in France. However, it appears that the crypto exchange may have found a solution to its problems.

crypto binance france

Binance Asks Investors to Convert Their Fiat Into… Crypto?

Times don’t seem favorable for the world’s largest cryptocurrency exchange. Since its launch in France in 2021, Binance has faced numerous challenges. But 2023 was supposed to be the year that changed everything.

However, things aren’t going as planned. The French subsidiary of the company has just lost its banking partner in the country and is having difficulty finding a new one. Nevertheless, there is no shortage of solutions.

According to a spokesperson for the crypto exchange, Binance is currently asking investors to convert their fiat balances into cryptocurrencies. While this request may seem unconventional, it serves a specific purpose.

With the end of the partnership, the crypto company is unable to support euro transactions via SEPA. Initially, it had halted deposits and withdrawals. But on September 26, an executive revealed that the platform is actively seeking new partners and will soon have an update.

Struggles in the European Market

The Old Continent does not seem to be favoring Binance. While the exchange is growing at an exponential rate, its relationship with Europe remains mixed. Between its withdrawal from the Netherlands and Belgium, regulatory pressure, and accusations, the crypto exchange is under pressure from all sides.

Furthermore, due to SEC allegations, Changpeng Zhao’s crypto company is forced to permanently exit Russia. However, the crux of the issue in Europe remains the premature halt of fiat withdrawals. Investors faced numerous difficulties with withdrawals in late August.

Now, a window automatically appears when they open their mobile app. Not surprisingly, it offers to convert their fiat balance into crypto assets for free.

Nothing is too challenging for Binance. As problems pile up around it, the crypto exchange continues to fight tooth and nail to find a way out. Between its definitive withdrawal from Russia and its legal battle in the United States, CZ’s company must now find new banking partners to ease tensions.

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Eddy S. avatar
Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.