The local subsidiary of the world’s largest crypto exchange has suggested customers should convert all their fiat currency held on the exchange to crypto.
After losing its euro banking partner, Paysafe, Binance France has proposed that its customers should convert all the fiat money they hold on the exchange into crypto immediately, according to comments from an executive to local media.
The partnership between Binance France and Paysafe expired on Sept. 25. The latter was supporting Binance's French subsidiary with infrastructure for euro deposits and withdrawals via SEPA bank transfer. The end of the partnership was announced in late June, but, by this week, Binance France has still not found a new partner.
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On Sept. 26, the company’s spokesperson confirmed to a French radio station, BFM that at the moment, Binance France recommends users convert their fiat balances to cryptocurrencies for free as soon as possible:
“Binance is working as quickly as possible to onboard its new partners and will have an update in the very near future.”
As reported by users, a window with a suggestion to convert the fiat balance into crypto pops up automatically when one turns on the mobile application.
In late August, Binance customers had already been experiencing trouble with fiat withdrawals in Europe. At the time, the company revealed that it had suspended euro withdrawals and deposits via SEPA due to its inability to support them without a payment provider.
Cointelegraph has reached out to Binance for further comment, but hasn't yet received a reply.
Binance, which has come under close scrutiny from law enforcement for its alleged failure to comply with financial sanctions against Russia, has faced ongoing regulatory issues for several months, particularly in Europe. On June 16, the exchange announced its departure from the Netherlands. Less than a week later, officials in Belgium also ordered the exchange to halt all services.
On Sept. 27, the company announced its full exit from Russia by selling its firm to a newly launched crypto exchange business, CommEX.
