Binance Suspends EU SEPA Banks Deposits

Binance will suspend euro bank deposits from Europe’s key payments network SEPA, amid the global regulatory pushbacks against the world’s largest cryptocurrency exchange. 

In an email sent to users, Binance said customers would no longer be able to deposit funds through the Single Euro Payments Area, or SEPA, schemes. The move was due to “events beyond our control”, the exchange said in the email.

“Any deposits attempted via SEPA in the meantime will be returned within 7 working days. SEPA withdrawals are unaffected by this suspension”, Binance said.

The SEPA network allows consumers to send euros across three dozen countries. Binance typically accesses SEPA through payment intermediaries.

Deposits through the UK’s Faster Payments network have also been disabled over the past week. Barclays announced Monday a ban on UK clients from buying cryptocurrencies on Binance using Barclays bank cards. 

According to Financial Times, Binance customers can still withdraw funds through SEPA and Faster Payments. It also allows customers to transfer euro payments through Sofort, another payment network popular in Germany, Austria and Switzerland.

China Central Bank Closes Crypto-Related Software Company

On the other hand, Bitcoin derivatives exchange Bybit is implementing stringent KYC measures. It will require stricter KYC verification for individual and corporate users who wish to withdraw more than 2 BTC per day, including facial recognition screening. 

China’s central bank has ordered the shutdown of a Beijing-based software maker over its suspected involvement in cryptocurrency trading.

Beijing authorities ordered software company Beijing Qudao Cultural Development to suspend operations. The company’s website had also been deactivated.

Chinese crypto reporter Colin Wu (“WuBlockchain”) said that Qudao had been operating its own cat-themed cryptocurrency “Mao Li Coin”.

The central bank also warned that companies in Beijing should not provide venues, commercial displays or advertising for cryptocurrency-related businesses. Companies are not permitted to encourage crypto trading in any way.