Binance reactivates SEPA transfers

Binance has announced the reopening of operations with SEPA (Single Euro Payments Area) payment methods for its users, after six months without being able to make deposits in this way. This measure came into effect on Wednesday 26 January.

According to the company’s press release, this new option is the result of a pilot program launched in conjunction with payment processor Paysafe. Not all users can participate in these tests, but Binance selects them based on criteria that have not been clarified by the exchange.

The intention is that, in the future, SEPA deposits and withdrawals will be fully enabled for all Binance users in Europe, details the text.

This payment system has existed since 2008 and covers the 27 member countries of the European Union, as well as Iceland, Liechtenstein, Norway, Switzerland and Monaco. SEPA methods include bank transfers, card payments and direct debits.

Why did Binance suspend SEPA payments?

In July 2021, Binance (read also: our opinion on Binance) decided to suspend “ temporarily » deposits via SEPA transfers. However, withdrawals from the stock exchange to these bank accounts have since been authorized.

At the time, the company was under constant pressure from regulators in several countries. In fact, in the middle of last year, Binance was struggling to operate in countries like Singapore, Thailand, UK, Japan, and Malaysia, among others.

This is why Binance has decided to act quickly to adapt to the requirements of each government. Obviously, this meant suspending certain modes of operation for its users, such as SEPA deposits.

Everything seems to indicate that Binance’s negotiations with European regulators have advanced and the door is open to resume normal operations. For now, the test period that began on January 26 is a first step towards expanding the possibilities of access to the services of the exchange for its users.