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The crypto industry is often the scene of twists and surprises. Binance’s announcement concerning the cessation of withdrawals in Euros is a blatant example of this. But what is it really? What is the platform’s position regarding this situation? Decryption
Update on the situation
Recently, the crypto platform Binance seems to be engaged in a series of misfortunes. These events have clearly impacted its dominant position, its market share having fallen drastically from 75% to 54% in less than a year.
Despite the platform’s relentless efforts to mitigate the consequences, investor confidence has suffered numerous setbacks since the start of the year.
David Prinçaythe president of Binance France, wanted to clarify the situation regarding the cessation of withdrawals in euros:
It is always possible to withdraw Euros to your bank account. Users can also purchase crypto via their credit/debit card, Apple Pay or Google Pay. The Binance Card remains operational for spending euros and cryptocurrencies. Moreover, the platform Convert offers the possibility of converting Euros into cryptos without fees.
The only problem? Deposits in Euros by transfer are “temporarily unavailable”. But rest assured, a new partner is about to be announced.
Others, like Marine Vause, expressed their frustration at being unable to withdraw their funds. The situation seems unclear and trust in Binance is being tested.
The break with PaySafe: A turning point for the crypto platform?
Binance had started a promising partnership with PaySafe. However, their dissociation put the crypto platform in difficulty. Following this breakup, Binance is now unable to process euro transactions via the SEPA system.
Europe, in general, seems to be a minefield for crypto. Between strategic withdrawals from certain countries, regulatory pressures and various accusations, Binance must redouble its efforts to maintain its position on the Old Continent.
The current situation of Binance in Europe, and in France in particular, raises serious concerns. The once unshakeable confidence of investors is wavering, making the future of the exchange unclear.
However, we must not forget that Binance remains a major pillar of the crypto sector. With its ability to adapt and its proven expertise, the platform has every chance of skillfully navigating through this turbulence. However, decisions such as delisting all stablecoins on Binance add an extra layer of complexity to the situation. It will be interesting to observe further developments in this crypto saga over the coming months.
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Fascinated by bitcoin since 2017, Evariste has continued to research the subject. If his first interest was in trading, he is now actively trying to understand all the advances centered on cryptocurrencies. As an editor, he aspires to continually deliver high-quality work that reflects the state of the industry as a whole.
The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.