Paysafe lost its European banking partnership with Binance

Paysafe Payment Solutions has decided to terminate its banking partnership with Binance and will end its support for the world’s largest cryptocurrency exchange in September.

Paysafe Lost Its European Banking Partnership With Binance

Paysafe Payment Solutions, a global payment service provider known for offering various payment solutions to businesses and consumers, has announced that it is seeking a new European banking partner after withdrawing its support for Binance, a cryptocurrency exchange.

At that time, our users will need to update the banking details used to deposit to their Binance accounts and may be required to accept new terms and conditions to continue using SEPA services after this date.

A Binance Spokesperson Told Decrypt

In an email statement sent to Decrypt, Paysafe stated, ‘Following a strategic review, we have made the decision to terminate our embedded wallet solution for Binance in the EEA region. Paysafe and Binance are working together to implement a regular and fair process to wind down this service in the coming months.’

It appears that, as a result of a strategic review, Paysafe has decided to end its support for Binance’s embedded wallet solution in the European Economic Area (EEA). They are currently searching for a new banking partner in Europe. The decision to terminate the service indicates that the collaboration will be carried out over the next few months.

What Is SEPA?

SEPA is an integrated cross-border payment network for euro transactions within the European Union, and it stands for ‘Single Euro Payments Area.’ Its aim is to make payment transfers between European countries seamless and efficient. It is listed on NYSE under the symbol PSFE. The company was previously using the Faster Payments network as its banking partner in the United Kingdom through a partnership with Binance; however, it has already announced the withdrawal of its services in the UK.