Binance has just announced that it has added SEPA transfers among its withdrawal and deposit methods.
Indeed, as a result of a partnership with Clear Junction, the renowned exchange will be able to accept SEPA direct bank transfers in euros (EUR) and Faster Payments (FPS) transfers in pounds sterling (GBP).
This will allow direct deposits and withdrawals between Binance and bank accounts.
There are however certain limitations.
As far as euros are concerned, it will be possible to move up to a maximum of €50,000 per day, or €500,000 per month, and only transactions between €20 and €15,000 will be possible.
The fees are €1.5 for both deposit and withdrawal transactions.
For pounds, it will be possible to move up to a maximum of £50,000 per day, or £500,000 per month, and only transactions between £20 and £15,000 will be possible.
Fees are £1.95 for both deposit and withdrawal transactions.
However, it is possible to increase these limits to £200,000 per day and £2,000,000 per month by contacting customer support and filling out a special form to declare the origin of the funds.
In order to use this service, users will need to verify both their identity and address.
This was a highly anticipated feature for European and British users of the exchange, given that the direct trading pairs in EUR and GBP have been enabled for some time now.
On binance.com there are currently four direct cryptocurrency trading pairs in EUR and GBP, namely BTC, ETH, XRP and BNB.
Currently, the only one of these pairs to exceed $100,000 in daily trading volume is BTC/EUR, whereas the only ones to exceed $50,000 are ETH/EUR and BTC/GBP.