Deposits and withdrawals for the Euro will resume sooner than anticipated for the Binance pilot program.
SEPA and Binance
The partnership between Binance and Paysafe was made official on January 26th. This partnership will result in a pilot program for Euro deposits and withdrawals through the EU’s Single Euro Payments Area (SEPA) payment network. The launching of the pilot program began the same day as the partnership occurred.
Binance’s official announcement reads, “Users are selected based on a range of testing criteria to participate in the pilot program. The full re-opening of SEPA channels will scale up across the markets in due course”.
Read more about the announcement here: https://www.binance.com/en/support/announcement/6bd5763ecaa04a4a87b2ef0053842207?ref=AZTKZ9XS&utm_source=BinanceTwitter&utm_medium=GlobalSocial&utm_campaign=GlobalSocial
Back in July, Binance had halted payments from SEPA, but that decision no longer stands, and the partnership transpires. The rollout will begin in phases, beginning in Bulgaria and Belgium, and then it will continue throughout the block within a few weeks.
The United Kingdom will, of course, be excluded as a result of Brexit. SEPA allows its users to make cashless transactions throughout the entire EU (and select non-EU nations); therefore, this partnership will most likely increase the crypto market value and greatly benefit its users.