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Binance suspends deposits from key EU payments network

By Aaron Woolner

03:20, 7 July 2021

SEPA logo over Europe

Binance has told users it can no longer accept deposits from a key European Union payment provider a day after leading UK bank Barclays barred credit or debit card payments to the digital currency exchange. 

The cryptocurrency exchange emailed users yesterday (6 July) to say that from Wednesday customers would no longer be able to transfer their funds via the Single European Payments Area (SEPA). The move was due to “events beyond our control” the email said. 

It is still possible for Binance customers to withdraw funds via SEPA but any attempts to top up their account via the European payments network would be returned within seven days, according to the email. The story was first reported by the Financial Times. 

FCA warning

On Monday, Barclays told Coindesk that it was blocking payments to the digital platform using its debit or credit cards, a move that prompted a warning from the UK’s Financial Conduct Authority (FCA) that Binance was not licensed to conduct business in the UK.

SEPA is an EU-wide payments platform that enables euro payments to be transferred across all member states and a number of third countries, including the UK, Norway and Switzerland. Binance accessed the network via third parties. 

USD/JPY

154.40 Price
-0.210% 1D Chg, %
Long position overnight fee 0.0082%
Short position overnight fee -0.0164%
Overnight fee time 22:00 (UTC)
Spread 0.010

GBP/USD

1.26 Price
+0.270% 1D Chg, %
Long position overnight fee -0.0039%
Short position overnight fee -0.0043%
Overnight fee time 22:00 (UTC)
Spread 0.00013

GBP/JPY

193.96 Price
0.000% 1D Chg, %
Long position overnight fee 0.0085%
Short position overnight fee -0.0167%
Overnight fee time 22:00 (UTC)
Spread 0.032

AUD/USD

0.65 Price
-0.020% 1D Chg, %
Long position overnight fee -0.0052%
Short position overnight fee -0.0030%
Overnight fee time 22:00 (UTC)
Spread 0.00006

The SEPA ban marks a torrid start to the week for Binance, after Thai regulators filed criminal charges against the firm for offering cryptocurrency trading services in the southeast Asian country without a licence. 

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Japan censure

A week earlier, Japan’s Financial Services Authority publicly censured Binance for the same reason. 

Meanwhile, on Thursday (1 July) the Cayman Islands Monetary Authority (CIMA) issued a statement saying Binance was not licensed to operate in the country. CIMA said it was responding to press statements which said the digital asset exchange was authorised to operate in the Caribbean state.

“The Authority reiterates that Binance, the Binance Group or Binance Holdings Limited are not subject to any regulatory oversight by [CIMA]”, it said.

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Read more: Thai regulators file criminal complaint against Binance

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