Paysafe Payment Solutions will no longer support Binance as its euro banking partner after September 25.

“Binance is changing the provider of EUR withdrawals and deposits via Bank Transfer” (SEPA). Paysafe will cease to provide these services for Binance users on 25th September 2023, according to an email from a representative of the exchange.

The Binance SEPA service will be available after that date, but users may need to accept new terms to continue using it.

SEPA (short for Single Euro Payments area) is the European Union’s integrated and cross-border payment system for euro transactions.

Binance users notification

Paysafe stated in an email that “Following strategic review, Paysafe has taken the decision to stop offering our embedded wallet to Binance throughout the region.” “We have already begun the process of withdrawing this service in the UK.”

Binance, which is the largest crypto exchange in the world by trading volume has been criticized by financial regulators from Europe and the U.S.

The U.S. Securities and Exchange Commission has sued binance, and CEO Changpeng Zhao earlier this month for multiple violations of federal securities laws. These include allegations that they offered unregistered security and mixed customer funds.

Since then, the exchange announced its withdrawal from Netherlands, Cyprus. asked for permissions to be revoked in the U.K. while Belgium’s market regulator told that it must stop offering crypto services within the country.

The Financial Times reported that in February 2022 the U.K.’s financial regulator was concerned about Binance’s access to the primary payment network of the country after it secured the Paysafe agreement.

Read more: FCA concerned about Binance gaining access to UK Payment Network : Report

UPDATE: (June 29, 757 UTC) Adds Paysafe comment in the fifth paragraph.

James Rubin is the editor.