Binance Exchange confirmed that its European banking partner is going to terminate services for the exchange.
Binance is a global crypto exchange. In some countries, this exchange provides services via subsidiaries. At the present time, Binance’s US-affiliated crypto exchange Binance is under a legal conflict with the United States Securities Exchange Commission (SEC) over several charges e.g providing unsafe, & unregistered securities offerings in the US.
Recently Reuters reported that Paysafe Payments Solutions, a European banking partner of Binance exchange, is going to terminate its services for the Binance exchange.
On behalf of an email statement sent to Reuters, confirmed that the whole process of service termination will systematically take place
Binance exchange also confirmed that the news is true and Paysafe will withdraw its service support from 25 September. A Binance spokesperson reportedly said that the whole process of partnership termination will remain smooth, which means no one Binance customer will face any kind of issue.
The Binance spokesperson also confirmed that Binance will establish a new partnership with another banking partner but failed to disclose any information ahead of its new banking partnership plan.
The current situation for the Binance exchange is very tough, as the exchange is facing regulatory hurdles in the US.
10 days ago, Belgium’s FSMA regulator ordered Binance to withdraw its all crypto services from the country.
BNB coin price action
BNB coin is the native independent crypto project under the crypto empire of the Binance exchange. After the regulatory action, the BNB coin struggled badly and traded at a $250 trade price for a month.
The current trade price of the BNB coin is $248 & the trade price of this coin is 18% down over the last 30 days of trade price.
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