Binance signs agreements with new fiat partners for EUR payments

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Binance, the world’s leading cryptocurrency exchange, has announced that it has signed agreements with new fiat partners for EUR payments, deposits, and withdrawals. Users can now use all EUR spot pairs on the platform, as well as enjoy fast and convenient EUR transactions via Open Banking and SEPA/SEPA Instant.

Users to access their bank accounts and initiate payments directly from Binance

Open Banking is a service that allows users to access their bank accounts and initiate payments directly from Binance, without the need to share their banking credentials or use third-party payment providers. Users can benefit from low fees, high security, and real-time processing when using Open Banking to deposit or withdraw EUR on Binance.SEPA (Single Euro Payments Area) is a payment network that enables cross-border transfers of EUR within the European Union and other participating countries. 

SEPA Instant is a subset of SEPA that allows for instant transfers of up to 100,000 EUR within 10 secondsBinance has partnered with Paysafe to launch the pilot program for EUR deposit and withdrawal via SEPA in January 2022, and has fully reopened the service in March 2022. Users can perform EUR transactions on Binance by following the guides below:

New partners not disclosed

The announcement did not disclose the name of the specific partner for Open Banking, but said that it is a “leading global payment provider” that has been integrated with Binance’s platform. Binance said that it will continue to expand its fiat services and offer more options for users to buy and sell cryptocurrencies with fiat currencies. Binance’s CEO Changpeng Zhao (CZ) said:

“We are always looking for ways to lower the barriers to entry for our users and make crypto more accessible to everyone. By partnering with new fiat providers for EUR payments, we are giving our users more choices and flexibility when it comes to managing their funds. We are also proud to be one of the first platforms to support Open Banking, which is a game-changer for the crypto industry.”


Author: Wasilat Mustapha