Binance Suspends SEPA Deposits | BitcoinMag

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Binance faces another challenge after the crypto exchange suspended deposits from the SEPA space.

The leading crypto exchange Binance reveals that it no longer supports deposits from one of the most important European payment networks: the Single Euro Payments Area, or SEPA. Thus, the crypto exchange has to face a new challenge in the UK and Europe.

Binance informed its users of this decision via email yesterday. According to a report by the Financial Times, Binance said it had to stop the payment option due to events beyond its control.

Further, the report states that the crypto exchange previously accessed SEPA through intermediaries. SEPA is very popular because it connects the payment networks in Europe and thus facilitates payment transactions in euros within the continent. However, Binance assured its customers that SEPA deposits will only be temporarily suspended.

Prior to this latest development, the crypto exchange has already faced numerous challenges from regulators around the world. It began with the UK Financial Conduct Authority (FCA) saying that Binance was not authorised to conduct regulated activities in the region.

As a result, some banks have restricted their customers ‘ interactions with Binance. Last weekend, Bank Barclays announced that its customers will no longer be able to make deposits into their Binance account using their approved debit or credit card.

Cayman Islands regulators also clarified that Binance was not a registered company in the region. Last month, the Japanese financial regulator issued a warning to Binance on the grounds that the company is not registered to operate in the Asian country.

Binance has been the leading crypto exchange for several years. She is ahead of the market in terms of daily crypto trading volume and controls some major platforms such as CoinMarketCap as well as the India-based exchange WazirX.