Binance EU Users Face Fiat Withdrawal Issues – What's Going On?
Some Binance customers in the EU have been blocked from withdrawing euros as part of an early change in the crypto exchange’s regional payments provider looms.
Several users in the region have been denied access to Paysafe, Binance’s European payments partner, ahead of the September 25 deadline, when the payments company is set to end support for the exchange’s customers.
One user Ervin Ursic has reportedly said that he’d sent some ether (ETH) to his account on September 12 and sold it for euros, but was unable to withdraw the funds.
Instead, the user faced a pop-up message that his account had been closed early with no prior warning.
“As a high-frequency Paysafe service user, Paysafe closed your account early to speed up this process. Any remaining EUR/GBP in your account can be withdrawn once the review is completed,” the message titled “Paysafe Notification” said.
In a comment to Cryptonews.com, a Binance spokesperson said that Paysafe has put "a very small portion (0.085%) of Binance users with Paysafe accounts in Europe through an earlier closure review."
"As a result, Paysafe will delay withdrawals for affected users. Once Paysafe completes their review, affected users should be able to withdraw funds via bank transfer."
The spokesperson added that Binance has offered VIP upgrade vouchers to affected users "in recognition of the inconvenience imposed on our users by Paysafe."
In a Friday statement, Paysafe said it “cannot speculate in the media on why this particular customer is unable to make transactions and it is Binance who holds the relationship with the customer not Paysafe.”
The statement added that Paysafe services for Binance customers “are fully operational with our contractual and regulatory obligations.”
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