immediate stop to deposits via SEPA transfers

In all likelihood, the top management of Binance they hadn’t imagined that this summer, which came after the sharp increase in the volume of transactions processed by the exchange over the past few months. Yet, the platform now finds itself having to deal with the consequences of the global crypto-global authorities’ squeeze. After crackdown decided by the Financial Conduct Authority in the UK in late June and so stop on transfers imposed by Barclays announced yesterday, today the company announces that it has temporarily suspended the possibility of depositing funds through SEPA transfers (Single Euro Payments Area).

Binance stops deposits with SEPA wire transfers, across Europe

A limitation that affects the entire territory of the old continent, made mandatory by those that Binance defines events beyond its control. Any attempted deposit will fail and the amount will be automatically credited back to the original account. However, the possibility remains of moving the funds in the opposite direction or fromexchange to customer banks. The editorial staff of the Financial Times first reported the news, but soon further confirmations came both from the international press and from the message boards of social networks.

Binance’s business has come under the magnifying glass of the authorities not only in the UK, but also in Germany, Japan e Thailand.

In the hours immediately following the news, the company has press release joining their team of Jonathan Farnell, hired to play the not simple role of Director of Compliance: will deal precisely with issues relating to compliance with the regulations on the subject established in the various countries.

Categories:   Digital Economy