Binance, one of the largest digital asset exchanges in the world, has temporarily stopped accepting payments from SEPA-enabled bank accounts.
Cryptocurrency exchange Binance has announced they will be suspending euro bank deposits from one of Europe's key payments networks for an unknown amount of time.
They claim this is due to events beyond their control, but it may also stem from the recent concerns with security and money laundering that many banks are now facing.
Cryptocurrency exchanges have been trying out new methods to deposit funds in order make up for what seems like a lack-luster response by European financial institutions after reports on cryptocurrency surged earlier last year; however, these SEPA restrictions could not come at worse timing as customers still struggle with issues surrounding safety and privacy when dealing online and huge issue given the fact cybercrime rates around the world just reached record highs.
In an email statement company reported that,
Deposits via Sepa will be returned within 7 working days
However, the company claims that, this will not affect Sepa withdrawals.
Binance has faced a string of crackdowns on the platform by regulators globally. Recently, Thailand's financial watchdog filed a criminal complaint against Binance for operating without being licensed and Britain's regulatory body barred them from carrying out regulated activities in their country.
The network aims to harmonize euro payments across the European Union region but often faces challenges with authorities all over Europe because they are still trying to figure it out themselves or some don't believe that crypto should be considered money at all while others think regulation is necessary before things go too far off track. One thing people agree on though is how important this service will be once we have true globalization of our currency system which would make sending funds around so much easier!
Japan’s Financial Service Agency (FSA) issued a statement last month declaring Binance as violating their laws on cryptocurrency exchange platforms by not registering with the agency before starting operations in September 2017 .
The FSA also noted that they would continue investigations into other exchanges who are running without an adequate license from them or any form of registration at all, but had yet to name specific companies - only mentioning "foreign" entities such as BTC China Beijing P2P Exchange Co., Ltd., OKCoin Korea Corporation Limited , BITPoint Japan KK Incorporated NOA
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