Regulations facing Binance have forced the popular crypto exchange to temporarily halt euro-denominated bank transfers, according to an email sent to its clients on Tuesday.
Specifically, deposits in euros through the Single European Payments Area, or SEPA, have been suspended indefinitely due to circumstances beyond the exchange's control.
As Binance said in the email: Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA bank transfers from 8am UTC Coordinator on July 7, 2021.
While Binance did not specify why the SEPA transfers were temporarily suspended, the decision likely stems from an offensive regulatory action against the company.< /p>
The latest decision came a day after British financial giant Barclays said it would not facilitate customer payments to Binance after financial regulators warned users that the exchange was operating in the UK. without proper authorization.
In a follow-up to CoinTelegraph, a Binance spokesperson explained that the exchange was disappointed by Barclays' unilateral action to block customer payments.
We are disappointed that Barclays appears to have taken unilateral action based on what appears to be an inaccurate understanding of events.
Despite facing a backlash from the United Kingdom, Japan, Canada and even the United States, Binance remains, by far, the largest cryptocurrency exchange in the world.
On Tuesday, the exchange processed more than $15.8 billion in transactions, according to industry data. In comparison, the second largest exchange, publicly traded Coinbase, processed more than $2.2 billion in trades.
