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Binance suspends bank deposits in euros for factors beyond its control – Markets

Binance, the world’s largest cryptocurrency broker by transaction volume, has warned its customers that it has suspended euro deposits via bank transfer to its platform, due to “factors beyond its control”.

In the same email that was sent to all customers, and to which the Business had access, the company states that this suspension takes effect from 9:00 am tomorrow, Wednesday, July 7, and does not indicate whether or not it will be rolled back.

The brokerage also warns that “any deposit via SEPA made in the meantime will be returned within 7 working days”. It further indicates that customers “may continue to make deposits of euros and/or buy cryptocurrencies through debit or credit cards at Binance”. Yesterday, the British Barclays announced that it was going to freeze all transfers of its clients made to and from Binance, after warning from the country’s regulator, the FCA (Financial Conduct Authority).

Over the past few weeks, scrutiny has been mounting on Binance. The list of countries that have denied permits to subsidiaries that belong to the parent company Binance Holdings – such as Binance Markets Limited in London – has been growing. The United Kingdom is joined by Canada, Singapore and Japan.

But even though regulators in these geographies are closing the door on this broker, investors are still able to look through the keyhole.

This is because, despite efforts to curb the use of this platform, regulators are only denying authorization to Binance’s subsidiaries. What was happening in the UK is that Binance Markets Limited would be trying to register with the regulators, as in the US with Binance.US, but access was denied.

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That doesn’t mean users can’t continue to use the global site, binance.com, to invest in cryptoactives, as the company explained in statements to Negócios last week. Also because this site is registered in the name of Binance Holdings, based in the Cayman Islands.

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