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.
Automated Methods Streamline Cryptocurrency Trading
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.
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.