Cryptocurrency exchange Binance has announced that it has temporarily stopped accepting deposits from bank accounts through the key European payment system SEPA.
Work with the Single Euro Payments Area (SEPA) was suspended today, July 7, at 10 am Moscow time. The reason for this decision, representatives of Binance called “events beyond our control.”
The SEPA system connects payment platforms across Europe and makes it easier for businesses to make bank payments. Binance used various intermediaries to work with SEPA.
Most likely, the increased regulatory pressure on the exchange forced the company’s management to suspend work with SEPA. Binance representatives noted that the suspension of accepting deposits is temporary, but the timing of the restoration of work has not yet been announced.
At the end of June, Binance shut down the popular payment system Faster Payments in the UK after the local regulator announced that the exchange could not carry out regulated activities in the country.
Earlier, a large British bank Barclays banned its clients from making deposits on the Binance exchange. The financial conglomerate’s support service explained the decision by “taking care of the preservation of their clients’ funds.”
