The exchange is trying to adapt to regulatory measures in other countries. As compensation, Binance rewards card deposits in euros and even Russian rubles.
Cryptocurrency exchange Binance has temporarily stopped euro deposits through the SEPA network (Single Euro Payment Zone). The reason for the decision appears to run in parallel with events that exceed the exchange house, as they informed their clients. Withdrawals by this means will not be disabled.
As an alternative to this option that is no longer available, users can purchase cryptocurrencies and carry out other types of operations on the platform by paying with credit or debit cards. Even Binance has published a bonus on commissions when depositing euros and rubles using this way. This bonus commission is probably a way to compensate for the cancellation of the bank option.
Binance reported on the suspension of these deposits through an email to its clients, which came from the Financial Times and later published by the Reuters news agency. In the message, Binance details that “any deposit through SEPA will go back within seven business days, but withdrawals through this mean keep functioning normally.
Binance’s operations in Europe seem to be facing a new difficulty. The latest news occurred on Monday, July 5, 2021. The British bank Barclays disallowed its users from using their debit or credit cards on the exchange to protect their money.
Binance Users Might be Subjects of Spying Activities in China
In parallel with this increasing pressure from regulatory entities, Binance has run into other events that will concern its managers as much as its users. According to Chinese journalist Colin Wu, some users of the platform in Sichuan (China) got called by the local police as soon as they opened their Binance accounts.
According to Wu Blockchain, the call from The police department happened with the sole intention to let users know about the risks these platforms would represent for their finances. In addition, the authorities would have warned these investors that they would not accept their claims in cases of suffering money losses from their activities with cryptocurrencies.
More Announcements Coming from Binance
After many untimely waves, Binance announced this Wednesday, July 7, that it managed to hire a new Director of Legal Compliance. This new director is Jonathan Farnell, who previously held the same position at the eToro exchange in the United Kingdom.
Farnell has deep knowledge of financial services and the regulation of electronic money and cryptocurrencies. Farnell explained that he would focus on helping Binance to create disruptive products and achieve better regulatory compliance in Europe.
For his part, the CEO of the exchange house, Changpeng Zhao, published an open letter on Tuesday, July 6. The CEO intends to bring the company’s historical experience and principles in the face of the recent hyper-focus on the regulation of Binance.
In the letter, the CEO focuses on the desire to defend the interests of users. He explained that these principles are something his exchange shares with regulators and explains that clear regulations are “important and necessary” for greater adoption of cryptocurrencies.
By: Jenson Nuñez
