In the email, Binance said customers won't be able to deposit funds through Sepa starting 8 a.m. local time Wednesday and that the suspension was temporary. The company said the suspension was "due to events beyond our control" and that it was "working hard to find a solution with our partners."
"Deposits via Sepa will be returned within seven working days," but Binance's decision will not affect Sepa withdrawals, the company said.
The Sepa network was designed to simplify bank transfers among 27 EU member countries. The Times said Binance had also suspended the U.K.'s Faster Payments network.
Binance has faced European headwinds over the past two weeks. Barclays said Monday it was blocking customers from using their debit and credit cards to make payments to crypto exchange Binance, although the move does not prevent them from withdrawing funds from Binance.
In June, the U.K. Financial Conduct Authority (FCA) announced that Binance was not allowed to conduct any regulated activities in the country.
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