Binance has temporarily restricted all the transactions that were to occur from a leading network in Europe. In an email sent to their customers on Tuesday, the firm informed them that no more transfer of their funds will be entertained.
More details to follow :
Binance Takes Major Decision Involving The Crypto Transactions
Binance stated that following a bunch of amendments in the regulations of how to operate with cryptocurrencies, they will have to temporarily prohibit their customers from transferring their funds through one of Europe’s leading chains of the financial network, SEPA.
This European network was designed in a way so that people found it easier to send money. One can easily transfer euros to 36 countries. However, the firm clarified that they had to take up the necessary decision because everyone seems to have gotten a little out of control.
The restriction imposed means that customers should now refrain from any kinds of fund transfers from any means. It has also blocked transactions from a leading network in the UK. Apart from Binance, Barclays has also restricted any exchange involving cryptocurrencies. However, customers can still withdraw their deposits. Binance has been marked as “illegal” & “unauthorized” by the UK, Japan, Thailand, And the Island of Cayman. All of the above-mentioned have termed its operations as “illegal & criminal”. Reactions are yet to come from Binance in this aspect.
The firm has reported that consumers can purchase assets, coins, etc by using their cards. They can also operate their funds by using “Sofort”. It is yet to give an official comment on this matter. However, they emphasized the fact that they worked tirelessly to resolve the issue soon.