Binance P2P Introduces Automated Payment Methods

Binance
P2P, a peer-to-peer trading platform, has introduced five new automated payment
methods, for cryptocurrency buyers and sellers across 15 fiat markets. With these
automated payment options, users can instantly receive their purchased assets,
streamlining the trading process.

These
automated methods eliminate the need for sellers to manually verify payments
before releasing assets, as the system checks for complete payments from
buyers. This automated approach operates 24/7; ensuring assets are promptly
released upon confirmation of full payment, which minimizes delays and enhances overall
trading efficiency.

Only
selected merchants on Binance
P2P, which is identifiable by a pink lightning badge, are authorized to support these
automated payment methods. According to Binance, Binance P2P aims
to make peer-to-peer transactions smoother more efficient and secure for both
buyers and sellers, demonstrating the platform’s commitment to improving the
trading experience.

Euro
Deposit and Withdrawal Suspension Sparked Concern

In
August 2023, Binance faced a temporary setback related to its European operations. Finance Magnates reported
that the exchange encountered payment
issues in Europe, resulting in the suspension of euro deposits and
withdrawals. However, Binance’s spokesperson affirmed that its services were
operating normally.

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The
suspension was specifically related to Single Euro Payments Area
(SEPA) transfers, a standard for swift and secure card-based transactions
within the European Union (EU). Binance Customer Support’s official Twitter
account initially announced the suspension and cited challenges with its
payment provider, raising concerns about the exchange’s regulatory standing in
Europe.

The
tweet, which suggested uncertainty regarding the reinstatement of SEPA
transfers, was later removed from Binance’s official profile. Users expressed
frustration over difficulties accessing their funds, following Paysafe Payment
Solutions’ decision to end its collaboration with Binance for euro payments ,
effective from September 25.

However,
Binance later clarified that SEPA deposits and withdrawals would continue
uninterrupted until the mentioned date. The exchange attributed potential account
closures to routine compliance checks. While this incident has caused temporary
disruption, Binance aimed to resolve the issue swiftly, ensuring the continuity
of its services.