Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Crypto exchange Binance has temporarily halted payments from the European Union's Single Euro Payments Area (SEPA), according to a Financial Times report citing a company email.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.