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Binance and suspended bank transfers: the alternatives
Binance and suspended bank transfers: the alternatives
Crypto

Binance and suspended bank transfers: the alternatives

By Eleonora Spagnolo - 7 Sep 2021

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Two months have passed since Binance suspended bank transfers in euros for the purpose of allowing cryptocurrency trading on its platform.

Even though the decision was supposed to be only temporary, the block is still in place.

The suspended bank transfers and Binance’s problems with European authorities

The decision was communicated to users last July 7, via email. It states that:

“Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA Bank Transfers”.

And more:

“We are working hard to find a solution with our partners and thank you for your patience”.

This decision probably stemmed from a series of issues Binance was having with several European countries. In fact, the interruption of transfers did not stop the platform’s problems with regulators. 

In fact, the warning from the Italian Consob and the central bank of the Netherlands came within a short time.

In the meantime, Binance had already run for cover, suspending some services such as stock tokens and derivatives trading

In recent months, the exchange has repeatedly made it known that it is committed to complying with various regulations in the countries in which it operates.

CEO Changpeng Zhao believes that regulation will help the cryptocurrency industry grow.

In the meantime, however, users who deposited funds by means of euro transfers are still waiting for a solution. 

On 7th of July Binance suspended bank transfer

Internal alternatives

In reality, it is still possible to deposit euros by debit and credit card

By logging into your Binance account, clicking on the Fiat and Spot section and then Deposit, you can choose the currency and method of transfer by card (Visa and Mastercard are supported). 

Or you can make purchases of cryptocurrencies by paying on the spot directly via credit card. In this case, simply go to the Buy Crypto section, choose the cryptocurrency you want to buy and select your credit or debit card as the method of payment. 

Other exchanges that allow SEPA deposits

Those who remain faithful to the bank deposit for trading activities, at least for the moment, have had to abandon Binance.

Without claiming to be exhaustive, other crypto exchanges allow the deposit of euros via bank transfer. These include:

  • Coinbase. Based in the United States, it is considered one of the largest exchanges in the world, with several payment methods. However, it has a serious problem – represented by the cost of commissions, certainly not convenient. 
  • Crypto.com. This exchange is becoming increasingly popular due to its partnerships with the sports world, ease of use and low commission costs;
  • eToro. This platform is establishing itself as one of the leading financial brokers. It is not only dedicated to cryptocurrencies but also to traditional finance. 
  • Bitpanda. A European exchange based in Austria, it boasts low commission costs and ease of use. 

Conclusions

Ultimately, those who are orphans of account deposits on Binance have alternative methods they can rely on. However, the crypto community continues to wonder when this feature will be reactivated.

No official comments are filtering in from Binance at the moment. Right now, the platform’s priority is to be compliant with regulations before it can return to offering the suspended services. 

 

Eleonora Spagnolo
Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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