Binance exchange is the largest cryptocurrency exchange in the world. The crypto enterprise has been facing issues from regulators around the world. However, recently Binance has been able to get some legislative relief in the European market. Under the leadership of ECB president Christian Lagarde, the future for digital assets seems quite bleak in EU markets.
Recently, Lagarde called upon the European regulators to address the matter of cryptocurrencies regulations. Furthermore, the ECB is taking a severe stance on the crypto market to prevent the Russian government from using it to dodge the financial sanctions from the western bloc. Except for Switzerland and Netherlands, the consumers from Europe will now be able to access the services of Binance exchange.
SEPA is an abbreviation for Single Euro Payment Area, and on the other hand, FPS stands for Faster Payment Services. The aforementioned services are international banking payment channels, with first developed by European Union and the latter by United Kingdom banking. Binance is now integrated with both banking systems for EU consumers.
It means that the account holders hailing from the EU will now be able to purchase and sell cryptocurrencies in exchange for the pound and euro. Binance also revealed that the company has partnered with Paysafe, a banking services provider hailing from the UK. With the third-party affiliation, the users in the EU will be able to link their bank accounts with their Binance accounts.
Binance to Expand its Services from Retail Consumers to Corporate Clients
Binance management is facing a massive amount of pressure from the regulatory agencies in several countries. However, the company seems to be utterly unfazed by the challenges ahead. Binance’s spokesperson recently revealed that the company is planning to expand its SEPA diameter from retail clients to corporate customers and businesses.
The exchange platform also revealed that the preparations for SEPA connection have been happening since January this year. Now, the process has reached completion. At present, the transaction fees for Binance consumers are set at 3 pounds and 3 euros per turn. The entry for Binance in the European market is a big achievement.