In the email, Binance said that customers won’t be able to
deposit funds through Sepa starting 8 a.m. Wednesday and that the suspension
was temporary. The company said the suspension was “due to events beyond our
control” and that it was “working hard to find a solution with our partners.”
“Deposits via Sepa will be returned within 7 working days,”
but Binance’s decision will not affect Sepa withdrawals, the company said.
The Sepa network was designed to simplify bank transfers
among 27 EU member countries. The Times said that Binance had also suspended
the U.K.’s Faster Payments network.
Binance has faced European headwinds over the past two
weeks. Barclays said Monday it was blocking customers from using their debit
and credit cards to make payments to crypto exchange Binance, although the move
does not prevent them from withdrawing funds from Binance.
In June, the U.K. Financial Conduct Authority (FCA)
announced that Binance was not allowed to conduct any regulated activities in
the country.
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