Binance Restarts Bank Transfers for European Customers After 8 Months

Binance Restarts Bank Transfers for European Customers After 8 Months

  • Transacting with the firm will need a minimum of 3 EUR or 3 GBP in bank transactions.
  • Binance announced Bifinity, the crypto exchange’s official fiat-to-crypto payment firm.

For the first time in eight months, Binance has restarted bank transfers for European customers after pressure from authorities. Starting today, European Binance customers, except those in Switzerland and the Netherlands, may deposit and withdraw in both euro and British pound via SEPA and Faster Payment Services (FPS).

 Binance has announced a partnership with Paysafe, a UK-based payments company, to facilitate new deposits and withdrawals. Aside from regular consumers, Binance has said that it aims to extend SEPA bank transfers to its business clients. The exchange initially tested SEPA bank transfers in January in anticipation of Monday’s full-service launch. Transacting with the firm will need a minimum of 3 EUR or 3 GBP in bank transactions.

Binance Launches Bifinity

Following the regulatory challenges that plagued the Binance platform last year, the development heralds the reinstatement of fiat on-ramp access in Europe for the cryptocurrency exchange. Binance is enhancing its fiat-to-crypto payments technology by introducing its crypto payment provider.

In an official announcement on Monday, Binance announced the debut of Bifinity, the crypto exchange’s official fiat-to-crypto payment firm. Bitcoin (BTC) and Ether (ETH) are two of the most prominent cryptocurrencies supported by Bifinity, Visa, Mastercard, and a slew of others. Furthermore, both Eqonex and Bifinity announced that they had signed into a $36 million convertible loan agreement, which would be used to extend the firms’ product lines together, including Eqonex’s crypto custody solution Digivault.

By providing buy-and-sell crypto services and API crypto payments integrations, the new crypto payment platform enables merchants and enterprises to take advantage of crypto and give cryptocurrency services to their clients.

The post has appeared first on thenewscrypto.com

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