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Binance, one of the top crypto exchanges in the world, announced on Thursday that there will be a brief interruption of EUR payments due to Paysafes unilateral decision.

Also read:Binance CoinPrice Forecast: BNB needs to retrace before a bullish breakout

Binance mentioned that Paysafe, a payments rail in Europe, has unilaterally decided to stop processing EUR deposits for Binance users.

The announcement blog further stated that Paysafe users are advised to take appropriate actions in advance. To alleviate the situation, the exchange suggested that the affected users may convert EUR balances in their Binance accounts to USDT before 2023-10-31 at 0:00 (UTC). Meanwhile, users may continue to withdraw their EUR balances from Binance accounts to their bank accounts.

After the collapse of the US-based exchange FTX, Binance has constantly been under regulatory scrutiny. The US Securities and Exchange Commission (SEC) filed a lawsuit against Binance in June 2023.

Additionally, Binance recently exited Russia, stating that operating in Russia is not compatible with Binances compliance strategy.

Binance Coin price also came under heavy fire during the last few months but BNB held up surprisingly well, considering the barrage of bearish news. Currently, BNB trades at $211.

Read more:Binance Coinprice at risk as FUD surrounding aBinancecollapse intensifies

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Binance asks users to convert EUR to USDT after Paysafe goes AWOL - FXStreet