Binance has problems in Europe

Binance shared in a message (which was later removed) that there were issues with euro transactions using SEPA. This is why some users couldn't take out their money.

Many Binance users in Europe had problems when trying to withdraw euros because of a hold on Single Euro Payments Area (SEPA) transfers. The company said they didn't know when SEPA transfers would be back. Their payment service can't support these transactions anymore. Binance knows this is a problem and they want to fix it quickly.

One user said they bought a lot of euros on Binance and then couldn't take them out or sell them. This is because Binance closed their Paysafe account. The user was upset and said it felt like a scam.

A few months before, Binance had told its users that Paysafe Payment Solutions wouldn't help the crypto exchange anymore. Users were told to change their bank details on Binance.

Binance later said they made a mistake in the message. They said SEPA services would still work until September 25. Binance also said that some users might need to give more information for checks before this date. But Binance will have other ways for users to use their services after SEPA ends.

In May, Binance also had problems. They stopped Bitcoin withdrawals for a while because there were too many waiting. This happened after Binance had its first withdrawal problem when many Bitcoin transactions got stuck.