FILE PHOTO: A smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -Binance's European banking partner Paysafe Payment Solutions said on Thursday it will cease offering its embedded wallet solution to the U.S. cryptocurrency exchange across the European Economic Area (EEA) from Sept. 25.
"Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months," Paysafe said in a email to Reuters.
Binance will be changing the provider for euro deposits and withdrawals through the Single Euro Payments Area (SEPA), while the current partner — Paysafe — will no longer be providing these services to Binance users, CoinDesk reported on Wednesday.
Binance typically accesses SEPA via payment intermediaries.
Binance did not immediately respond to a Reuters request for comment.
The report comes as Binance faces scrutiny from regulators keen to clamp down on money laundering.
Earlier this month, Binance and its U.S. affiliate entered an agreement with the Securities and Exchange Commission to ensure U.S. customer assets remain within the country until a sweeping lawsuit filed by the regulatory agency is resolved.
Binance tied up with Paysafe last year to allow its users to deposit sterling via Faster Payments, a network that oversees payments and bank account transfers in Britain.
(Reporting by Rishabh Jaiswal in Bengaluru; Additional reporting by Rahat Sandhu and Yana Gaur; editing by Sherry Jacob-Phillips and Jason Neely)
