Binance Forms New Alliances for Euro Transactions, Faces Regulatory Hurdles

Binance, one of the foremost cryptocurrency exchanges, has established new partnerships to facilitate euro transactions after parting ways with its previous fiat partner due to regulatory challenges in the European Union. These new collaborations, announced on Friday, involve European firms such as TrueLayer and Nuvei. The alliances will enable euro transactions through Open Banking and SEPA, allowing for the trading of EUR spot pairs.

Users can now conduct cryptocurrency transactions using SEPA transfers, bank cards, their fiat balances, and USDT, which Binance had previously promoted as an alternative to euros. However, some users have reported experiencing issues when attempting to deposit euros.

The separation from the previous partner occurred after it halted GBP transactions in May amid concerns from UK financial regulatory bodies, including the Financial Conduct Authority. Subsequently, Binance restricted access for new users from the UK after terminating its partnership in response to FCA regulations. Currently, Binance is actively looking for fiat partners for its UK operations, as British users still face difficulties in depositing GBP.

Amid these developments, Binance is also under regulatory scrutiny in the United States, facing lawsuits from the Securities and Exchange Commission and the Commodity Futures Trading Commission. Additionally, in a separate regulatory measure, Binance complied with an Israeli police directive to freeze over 100 accounts.

In other news, BlackRock has digitized its shares on JPMorgan’s Onyx blockchain.

This article was generated with the support of AI and reviewed by an editor.