The beginning of July hasn’t been kind to the cryptocurrency exchange Binance. It’s been facing some regulatory issues worldwide since months ago, and now its customers won’t be able to make SEPA (Single Euro Payments Area) transfers either. This, apparently, until further notice.
Binance spread the news through a short e-mail to their customers. It reads that the suspension it’s “due to events beyond our control” and it’ll be effective from 8 a.m. UTC on July 7, 2021. They didn’t make a public notice through their channels yet (i.e. Twitter, blog). However, it’s very likely that the reason behind the move has to do something with the recent announcement by the U.K. Financial Conduct Authority (FCA).
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group). Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”
Subsequently, Binance halted the withdrawals through the popular local payments provider, Faster Payments -apparently for maintenance. Not long after, the international bank Barclays started to block debit/credit card payments to Binance indefinitely, citing the FCA warning.
Additionally, several authorities worldwide have warned against Binance. So far, the list includes Malaysia (since 2020), the United States, and, more recently, by the end of June and barely starting July, Japan, Singapore, Thailand, and the Cayman Islands. They complain about Binance not having proper permissions to operate inside their territories. Meanwhile, the exchange has repeatedly refused to mention its HQ location.
Alternative to Binance for SEPA transfers
The first thing you have to worry about in a cryptocurrency exchange is regulation, no matter the country. You want to make safe and legal payments, and if there are some problems, you’ll need some responsible company stepping in to solve them as soon as possible.
That’s exactly what we’re offering you on Alfacash Store, with duly regulated SEPA transfers available. By using Alfacash Store, you can make SEPA transfers to buy and sell cryptocurrencies in the easiest, fastest, and safer way.
Alfacash is a fully regulated and non-custodial exchange with a company registered in Estonia. We have a user-friendly and fast platform online, competitive exchange rates, and low fees. Don’t worry and don’t wait any longer!
Originally published at https://blog.alfa.cash on July 6, 2021.