Binance has been facing a lot of issues lately. It has received warnings from Japan and the UK for operating without a license. At the same time, it is under scrutiny even in the US. All this is not great for the exchange, and due to some other issue, Binance has terminated Euro deposits via SEPA bank transfer. The company said:
“Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA bank transfers from 8am UTC on July 7, 2021. You are still able to deposit EUR and/or buy cryptocurrencies via credit or debit cards on Binance.”
What happened?
The notice about the suspension of SEPA bank transfer for Euro deposits was reported by Binance users. Binance did say that they are trying to fund an alternative for the same, and any transfer made through SEPA will be reversed in 7 days if not completed. So, if your money is stuck, then don’t worry about it.
SEPA’s suspension from the platform might affect Binance quite a lot. This is because the bank offered seamless Euro transfer services using credit and debit cards in and outside European countries. Considering that Binance has been facing a lot of regulatory issues, there is a high chance that the bank has stopped working with them altogether.
How to add money if you used Binance?
In case you were relying on SEPA bank transfers to add funds in your Binance account or transactions, then there are some other ways you can do so. The easiest way will be to use a credit or debit card to make purchases. But let’s say you don’t have that option, then the best option will be p2p trading. Considering this is how crypto is supposed to be used, there is no harm in using the option to add USDT to your account.
If you are not confident about how to use the option, then check out a youtube tutorial. And try to follow it while buying a small amount of USDT/EURO. Once you understand how it works, then go ahead and convert your funds to USDT/EURO at once.
What are your thoughts on Euro deposits using SEPA bank being terminated by Binance? And do you think this is due to some regulatory issue? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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