Binance makes EUR bank transfers through SEPA available again
- Binance is re-enabling EUR bank transfers through the SEPA (Single Euro Payments Area) network. In practice, this will simplify EUR withdrawals and deposits from the popular cryptocurrency exchange.
- SEPA provides a fast and efficient way of making cashless euro payments. The network is available in the European Union, but is also supported in several countries outside the EU. Binance re-enabling SEPA payments will make the platform a much more convenient on-ramp and off-ramp for cryptocurrency investors in Europe.
- Binance has partnered with Paysafe to enable the functionality, which it’s calling a pilot program. According to Binance, EUR withdrawals and deposits through SEPA will be gradually enabled across the different markets supported by the exchange. This means all users who might want to make SEPA payments on Binance might not be able to do so right away:
“Users are selected based on a range of testing criteria to participate in the pilot program. The full re-opening of SEPA channels will scale up across the markets in due course.”
- SEPA payments were previously already available on Binance, but the exchange temporarily stopped accepting them in July of last year. Back then, Binance said that it had to halt SEPA payments “due to events beyond our control”. At the time, Binance was dealing with heightened regulatory pressure in the United Kingdom, Japan and other markets.
- Binance is currently the world’s most active cryptocurrency exchange in terms of trading volume. In the last 24 hours, Binance handled more than $15 billion worth of trades on its spot markets, while its Binance Futures platform recorded a trading volume of $33.5 billion.