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Binance Reopens SEPA Bank Transfers

Binance pilot program could see the resumption of deposits and withdrawals sooner rather than later for the Euro.

SEPA x Binance: Euro Moves

Binance has officially announced its partnership with Paysafe, which will herald a pilot program for Euro deposits and withdrawals through the European Union’s Single Euro Payments Area (SEPA) payment network. 

The announcement was made official on January 26 via Binance’s webpage and signals that the pilot move was made effective on the same date, January 26, at 13:00 UTC.

“Users are selected based on a range of testing criteria to participate in the pilot program. The full re-opening of SEPA channels will scale up across the markets in due course,” the official announcement from Binance read. 

Binance had previously halted payments from SEPA in July, but it seems the winds of change are in motion as the latest announcement got underway in a matter of hours. 

The initial rollout has been orchestrated in phases which will see it begin in Belgium and Bulgaria and gradually expand throughout the block in a matter of weeks. As a result of Brexit, the United Kingdom will not be included in the move. 

The development will likely serve as a bullish indication for crypto users at large as SEPA allows users to make cashless transactions in Euros anywhere in the EU as well as a select number of non-EU nations. 

BSC News will be paying close attention to the rollout and indeed further developments as they occur. 

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