Binance has announced that it would be reinstating SEPA transactions after seven long months of restriction. The announcement comes at a time when crypto users are gearing up to purchase and increase their holdings and with SEPA and instant transactions, it is much easier to carry out transactions on the largest cryptocurrency exchange in the world.
Binance Says SEPA Is Back
In a blog post on its official website, crypto exchange giant Binance announced that SEPA transfers would be coming back to the exchange. Binance had previously limited this method of transfers back in July 2021 when the exchange was caught in a wave of regulation issues. These issues had eventually seen the exchange remove one of the most popular modes of transfer in Europe.
The first to go following the wave of regulatory problems was the iDEAL payment option. This payment method which is used by Dutch users allowed those in the region to fund their Binance accounts instantly. It took the funds directly out of the bank accounts of users straight onto their accounts on the exchange.
A month later, Binance had announced that SEPA transfers would be meeting the same fate. SEPA which was being used as an alternative option to the iDEAL transfers, despite being slower, had also gotten the ax. This removed one of the only options where users did not have to pay fees on both the exchange and user sides. Subsequently, users in Europe were relegated to using debit and credit cards to fund their accounts.
Total market cap sitting at $1.69 trillion | Source: Crypto Total Market Cap on TradingView.com
With the recent development, Binance users will once more be able to carry out transactions using SEPA. It will also enable the movement of large volumes of Euro onto the exchange without the fear of the transaction being flagged by the banks when using a debit or credit card.
Binance also announced that users all across Europe will be able to use the feature, except for two countries, which are the Netherlands and Switzerland.
Related Reading | Coinbase Purposes Use Of Cryptocurrencies To Prevent Sanction Evasion
“To celebrate the return of SEPA and FPS, Binance will be offering all verified users zero fees for depositing EUR via SEPA and GBP via FPS until 2022-03-31 11:59 PM (UTC),” the statement read.
Users are also advised to not deposit or withdraw below 3 EURO or GBP using the feature as any transfers below this would neither be credited nor returned. Essentially, the transfer would be lost.
Featured image from Financial Times, chart from TradingView.com